PostNL is down more than 4% in Amsterdam, under the weight of a recommendation downgrade by UBS from 'neutral' to 'sell', with a price target reduced from 1.35 to 1.1 euros and therefore still implying downside potential for the stock.

In the summary of its research note, the broker explains that it is lowering its recommendation on the Dutch postal operator 'in view of ongoing cost pressures and limited potential for margin improvement'.

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