TP ICAP clipped to 'hold' as stockbroker cools

TP ICAP PLC (LSE:TCAP) has run far enough for Cavendish, which downgraded the financial market infrastructure group to ‘Hold' from ‘Buy' after a more than 30% share price gain since November. Cavendish nudged its target price down to 323p from 325p (versus the current price of around 314.4p), leaving just 3% of implied upside.