Pearson: Downgrade to Neutral

研报英文原文证据摘录

Pearson: Downgrade to Neutral

C A Z E N O V E Europe Equity Research

14 July 2026

Pearson ▼Neutral

Previous: Overweight

Downgrade to Neutral PSON.L, PSON LN

Price (13 Jul 26):1,318p

▼Price Target (Dec-27):1,420p

Prior (Dec-27):1,430p

Downgrade to Neutral: We have been OW Pearson for the past six years and it European Media

ACwas one of our key picks for 2026. However, our forecasts and PT, which are Daniel Kerven

consistent with the company’s guidance for mid-single-digit growth and margin (44-20) 7134-3057

expansion, now only imply modest upside, and we see better value elsewhere – daniel.kerven@jpmorgan.com

notably RELX, Wolters Kluwer, UMG and Publicis. J.P. Morgan Securities plc

Specialist Sales contact details:

Strong share price performance has reflected increased confidence in delivery

and closing of a wide AI discount: The share price performance this year has Scott Silver - Specialist Sales -

European TMT

reflected strong FY25 results, increased confidence in its delivery and a more (44-20) 7134-0412

positive AI narrative. Confidence in the outlook has been supported by contract scott.silver@jpmorgan.com

wins while a buyback, enabled by its strong balance sheet and good cash

Style Exposure

conversion, has provided technical support.

A wide AI discount at the end of last year has partially closed as the company

explained that 90% of revenues come from operationally complex physical and

digital workflows, and print, which will be difficult for AI to disrupt. While

Pearson should be resilient, there are also opportunities for AI efficiencies, for AI

to help personalise learning experiences, and that more broadly, AI will increase

the need for learning, re-skilling, assessment and certification.

The core thesis remains intact – we are not changing our underlying