Sharecast - The bank said that while it remains constructive on the long-term structural growth of ATG (LON:ATG), it is now more cautious on the near-term cyclicality of the business.
"Management guidance expects no further deterioration in end-markets, but after two top-line misses in a row we prefer to see proof in the numbers," it said.
Barclays (LON:BARC) added that at 17x 2024 price-to-earnings, the valuation is not cheap.
At 0935 GMT, the shares were down 4.9% at 495.50p.