Equity research analysts at HSBC have cut their rating in respect of textile services business Berendsen (LON:BRSN) to hold (from buy), given the limited upside to its new 940p a share target price (previously 1,070p).
The bank said it has updated its forecasts for FX changes, the UK performance and the company’s guidance.
It added: “The last few months have been hard for Berendsen but we believe that is reflected in the price more fully. The market is sceptical but a bold reinvestment in the UK plant, process and people is probably what is needed.”
At 3:41pm: (LON:BRSN) Berendsen Plc share price was -114.25p at 815.25p
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