Reckitt Benckiser: Jefferies upgrades stock
(CercleFinance.com) - Jefferies has upgraded its rating on the share of British consumer goods company Reckitt Benckiser from "underperform" to "hold" with a target price of 5970 pence, highlighting the share's drop of almost 20% since the 9 November vaccine news.
"While RB might have expected a more positive reaction to confident FY21 guidance and trademark clear communication, for us the big questions haven't gone away", the broker says.
"Meanwhile macro factors, in the form of a rising 10Y, strengthening £ and appetite for recovery plays, are all unhelpful. But this now seems fairly priced in", it adds.
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