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FTSE 100 movers: Rentokil, M&S boosted by broker notes
(Sharecast News) - London's FTSE 100 was flat at 9,482.94 in afternoon trade on Tuesday. Rentokil Initial jumped to the top of the index after Bernstein doubled upgraded the shares to 'outperform' from 'underperform' and hiked the price target to 570p from 313p, saying it sees signs of inflecting organic revenue growth.
The bank also said it believes that Rentokil can enjoy structural growth in line with the industry, combined with ongoing consolidation.
"Given cost and free cash flow levers available to the group under the stewardship of Paul as CFO we consider EBITA levels well underpinned," Bernstein said. "This, combined with FCF enhancing initiatives, could considerably enhance the return on invested capital profile of the group."
Tobacco giant Imperial Brands was a high riser after saying it remained on track to meet full-year guidance, supported by growth across both its tobacco and next-generation product categories, and announcing a £1.45bn share buyback.
Marks & Spencer gained as JPMorgan reiterated its 'overweight' rating on the retailer and placed the shares on 'positive catalyst watch' ahead of first-half results and the Capital Markets Day next month.
It noted that M&S has not updated the market since its full-year 2025 results in May when investors were understandably focused on the implications from the April cyber attack.
"With the vast majority of the group's systems now relaunched, and the online business re-opened, we think M&S is now largely back to BAU," it said.
FTSE 100 - Risers
Rentokil Initial (RTO) 407.80p 3.37% Burberry Group (BRBY) 1,241.00p 3.24% Imperial Brands (IMB) 3,079.00p 2.50% Croda International (CRDA) 2,911.00p 2.43% Beazley (BEZ) 922.00p 2.39% Smurfit Westrock (DI) (SWR) 3,075.00p 1.72% Shell (SHEL) 2,781.00p 1.61% Marks & Spencer Group (MKS) 379.90p 1.31% Associated British Foods (ABF) 2,126.00p 1.19% Diageo (DGE) 1,780.50p 1.16%
FTSE 100 - Fallers
Entain (ENT) 841.60p -3.13% Babcock International Group (BAB) 1,252.00p -2.26% Flutter Entertainment (DI) (FLTR) 18,140.00p -2.18% Relx plc (REL) 3,396.00p -1.93% Mondi (MNDI) 866.20p -1.52% Sainsbury (J) (SBRY) 330.80p -1.14% Pearson (PSON) 1,048.50p -1.08% Tesco (TSCO) 444.80p -1.05% BAE Systems (BA.) 1,996.50p -0.97% GSK (GSK) 1,600.50p -0.96%
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