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Intertek: Stifel maintains 'sell' rating

( - Stifel maintains its 'sell' recommendation on Intertek shares, with an unchanged target price of 3,700 pence.

The analyst reports that this morning Intertek published a trading update for January to April, showing a good start to the year, with better-than-expected organic growth of 7% - albeit offset by a weaker-than-expected foreign exchange (FX) effect, leaving revenues ultimately in line with expectations.

We think this is a good start to the year, underlined by this better organic growth performance, however, we don't see scope for upward revisions to estimates due to the negative FX effect, the broker says.

In this context, and given the shares' performance YTD, we do not believe that this publication should trigger a positive reaction from the stock market, Stifel concludes.

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