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Reckitt Benckiser downgraded by Jefferies

06 July 2017 15:12

Jefferies has cut its investment rating on consumer goods group Reckitt Benckiser (LON:RB.) to hold (from buy) but admitted that it was a tough call to make.

The broker said: "We continue to like this story. Applying a maintained target multiple to consolidated numbers inc. MJN ups our PT to 8400p [from 7750p].

"But the recent rally no longer leaves sufficient upside for a continued Buy rating.

"In the background, an anticipated weak Q2 looks set to kill our bullish thesis on an FY17 guidance beat."

Separately, Whitman Howard reaffirmed its buy rating on the stock, as did Kepler and Liberum.

Shore Capital stuck by its hold recommendation on the back of the company's 'surprise trading update', which confirmed that it had been disrupted by the recent cyber-attack.

At 3:12pm: (LON:RB.) Reckitt Benckiser Group PLC share price was -130p at 7570p

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