Deutsche Bank Downgrades Pearson (PSO) to Sell
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Deutsche Bank downgrades Pearson (NASDAQ: PSO) from Hold to Sell.
The firm said, "We see anyone owning PSON in the next 12 months swimming into a tide of bad news. We don't believe that 2009/10 Education spending can hold up in the face of weakening US macro conditions, and particularly the lagged impact of falling state tax receipts. The funding environment will get much tighter. PSON thus faces 2 years of weak/no growth in its key Education division (key in percentage and sentiment terms). Also, 2011 and 2012 aren't great adoption years."
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