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RBC Capital Markets hikes target price on Reckitt following Q3 trading update
(Sharecast News) - Over at RBC Capital Markets, analysts hiked their target price on consumer goods giant Reckitt from 6,000p to 6,400p on Thursday following the group's Q3 trading update a day earlier. RBC Capital said Reckitt was building a track record of "consistently delivering midsingle-digit top-line growth", supported by the resilience of its categories and its improved execution.
"This gives us higher confidence in its mid-term growth outlook, moving our Core Reckitt growth estimates close to the mid-point of the guided range," said Reckitt.
On its upgraded growth estimates, the Canadian bank said Reckitt trades "attractively" versus its peers, even considering an overhang from NEC litigation.
"Our mid-term LFL revenue growth estimates for Core Reckitt move close to the mid-point of its guided +4-6% range. On the back of our higher forecasts, our price target increases to £64 (from £60 previously)," said RBC, which maintained its 'outperform' stance on the stock.
"Despite its strong share price performance year-to-date, already outperforming the sector by 17%, its shares still trade attractively. On our updated estimates, Reckitt trades on 2026e EV/NOPAT of 17.4x, compared to European Food & HPC average of 20.4x."
Reporting by Iain Gilbert at Sharecast.com
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