Shares in THG fell 4% by midday on Wednesday 11 November 2026 after Barclays restarted coverage of the e-commerce group with an 'equal weight' rating and a 42p price target. The bank said the company needs to address its elevated gross debt, according to TipRanks' report of the broker note. THG had opened 2.5% lower at 38.48p, below Barclays' target, before extending its losses into the afternoon. ## A neutral call, not a downgrade Barclays' move was a reinitiation of coverage rather than a downgrade, but the neutral stance still weighed on the shares. An 'equal weight' rating signals the broker expects the stock to perform broadly in line with the wider market, and the 42p target implies only limited upside from current levels. The cautious view on THG's debt load comes as investors continue to scrutinise balance sheets across the UK consumer and technology sectors, where higher borrowing costs have put leverage firmly in focus. ## Wider market moved the other way THG's fall stood out against a firmer wider market. The FTSE 100 was up 0.4% at 10,795.58 at midday on Wednesday, and the FTSE 250 rose 0.4% to 24,836, with European shares also higher. THG is a FTSE 250 constituent, so its decline ran against the direction of its own index. Investors will now watch for the group's next trading update for signs of progress on debt reduction and cash generation, which Barclays has flagged as the key issue for the shares. Sources: [Morningstar / Alliance News](https://www.morningstar.com/news/alliance-news/1794399551126696300/london-market-midday-ftse-100-rises-as-us-futures-point-higher) and [TipRanks](https://www.tipranks.com/news/the-fly/thg-plc-initiated-with-an-equal-weight-at-barclays-thefly-news).