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Credit Suisse warned in November that 2016 consensus estimates had to "shift down". They have. Since January EPS forecasts have fallen by about 9%. Royal Mail shares, however, have re-rated by about 8% on a price/earnings (P/E) basis. "We think this is unjustified and see further negative earnings momentum to follow," says the broker. "We now sit 24% below 2016E EPS consensus and we see risks …
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