FRANKFURT (dpa-AFX) - A forecast cut spoiled the day for investors in New Work on Thursday. The papers of the Xing parent company slid to their lowest level in more than five months. In the afternoon, they were down more than 18 percent at 133.80 euros, making them by far the biggest loser in the moderately weaker SDax index of smaller Borsen stocks.

They thus also tore the 200-day line, which describes the longer-term price trend, and approached their lowest price since the beginning of 2015 of 113.60 euros, reached last September. The chart picture thus continues to cloud over, with the longer-term downward trend since summer 2019 remaining intact. At that time, the shares had reached a record high of just over 380 euros.

The career network expects earnings before interest, taxes, depreciation and amortization (Ebitda) adjusted for special effects of 92 to 100 million euros for 2023. That is less than a year earlier.

Analyst Marius Fuhrberg from Warburg Research took the development as an opportunity to cancel his buy recommendation for New Work and now rate it "hold". He reduced his price target from 250 to 170 euros and revised his forecasts for 2023 to 2025 downward. He justified the new investment recommendation with the lack of positive price drivers in the coming months. The labor market has recently been uninspiring, so that the demand for solutions to recruit staff is lower, he said.

Analyst Nicole Winkler from Hauck & Aufhäuser also reacted to the news from New Work with a price target reduction from 215 to 192 euros. However, the expert reiterated her buy recommendation. The fundamental trends are intact, even if the news situation for the job mediator is likely to remain lukewarm for the time being./ajx/bek/jha/