Trainline (TRN)

Down
Share Price:
247.00p
Market Cap:
£866.18m
Change Today:
-7.40p
Sector:
Tourism and Leisure Services

JPMorgan downgrades Trainline to 'underweight', shares tank

By Michele Maatouk

Date: Wednesday 03 Dec 2025

LONDON (ShareCast) - (Sharecast News) - Trainline tanked on Wednesday after JPMorgan downgraded its stance on the shares to 'underweight' from 'neutral' and cut the price target to 230p from 300p.
The bank said the downgrade was down to a less favourable operational set-up into 2026, and ongoing - and arguably heightened - regulatory and competitive risk.

JPM also said it sees growing uncertainty on the evolving AI landscape as an added overhang to the investment case.

"Near-term, the government's announced freeze in regulated rail fares across England is set to pressure stalling UK consumer net ticket sales (flat in FY27E), while this week's government announcement underwrites ambitions for GBR to create a government-backed digital retail platform (website & app) - paving the way for a more consolidated and competitive landscape in years to come," it said.

"While mindful of strong cash generation and sizeable shareholder returns (£150m SBB ongoing, JPMe £75m recurring from FY27E), we see negative risk/reward from growing risk of serving an increasingly regulated and nationalized market, with a growing theme of AI disruption potentially commanding increased efforts to maintain Trainline's leadership position."

At 0845 GMT, the shares were down 8.5% at 207.40p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Trainline Market Data

Currency UK Pounds
Price 247.00p
Change Today -7.40p
52 Week High 300.00p
52 Week Low 185.20p
Volume 96,871
Shares Issued 350.68m
Market Cap £866.18m

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