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Deutsche Bank downgrades Rentokil to 'hold'
(Sharecast News) - Deutsche Bank downgraded Rentokil on Tuesday to 'hold' from 'buy' and cut the price target to 465p from 505p. It said Rentokil is a global market leader in an attractive and defensive category, and is a business that it thinks should deliver growth at least in-line with the industry and a margin profile that befits a market leader in the space.
"Our analysis shows Rentokil's Pest Control category is significantly under-earning compared to the leading international peers," the bank said.
"We await more detail from the incoming CEO as to how the business can close the growth and margin gap to peers over time, albeit we are cognisant that increased investment to improve organic revenue growth (even if the right course of action) could place pressure on near-term forecasts."
At 1030 GMT, the shares were down 2.8% at 446.60p.
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