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Rolls-Royce: Credit Suisse cuts target price

( - Credit Suisse maintains its "underperform" rating on the Rolls-Royce stock, while slashing its target price to 151p, from 200p previously.

The broker believes that the recent recapitalisation announcement - with the issue of 2 billion pounds in bonds - is consistent with the group's needs. However, Crédit Suisse estimates that the group will not reach cash break-even until 2024.

While the plan should reassure its clients, it does not solve the strategic challenges around Rolls-Royce's business portfolio, nor its ability to invest and generate returns for shareholders, the broker continued.

"We do not see Rolls-Royce as currently offering an attractive investment case," the analyst concludes.

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