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Article summary:

1. Inchcape's shares fell by 12.6% after its own stockbroker, JP Morgan, issued a note of caution despite the company reporting a 50% rise in pre-tax profit.

2. JP Morgan was concerned that Inchcape did not provide a detailed outlook for 2023, leading to small negative revisions to consensus expectations and reducing its forecasts for this year by 4%.

3. The reduction in forecasts caused a run on Inchcape's shares, which closed at 758p, cutting the group's market value to just above £3bn.

Article analysis:

The article reports on Inchcape's shares taking a hit after its own stockbroker, JP Morgan Cazenove, issued a note of caution despite the company reporting a significant profit increase. The article provides details on Inchcape's financial performance and its operations in the UK, but it primarily focuses on the impact of JP Morgan Cazenove's note of caution. The article quotes JP Morgan Cazenove's concerns about the lack of specifics regarding 2023 and notes that it reduced its forecasts for this year by four per cent. However, the article does not provide any counterarguments or perspectives from other analysts or investors who may have a different view on Inchcape's prospects.

The article also highlights the fact that Inchcape's broker had placed itself substantially under its peers' consensus forecast, which caused a run on Inchcape's shares. However, it is unclear why this would be enough to cause such a significant drop in share price without further analysis or explanation. Additionally, the article quotes Citi as saying that it does not expect a major share price reaction, but it does not provide any context or explanation for this statement.

Overall, the article appears to be one-sided in its reporting and lacks depth in its analysis. It focuses primarily on JP Morgan Cazenove's concerns and does not provide sufficient evidence or exploration of counterarguments or alternative perspectives. Additionally, while the article notes that Inchcape has franchised dealerships in the UK representing various brands and retail outlets, it does not explore how these factors may impact Inchcape's financial performance or prospects for growth.