Rentokil Initial shares are trading lower after B of A Securities downgraded the stock from Buy to Neutral and lowered its price target from $40 to $29.
Portfolio Pulse from Benzinga Newsdesk
Rentokil Initial's stock is trading lower following a downgrade by B of A Securities from Buy to Neutral, with a reduced price target from $40 to $29.
January 24, 2024 | 5:23 pm
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NEGATIVE IMPACT
Rentokil Initial's stock price is likely to experience downward pressure in the short term due to the downgrade by B of A Securities and a significant reduction in the price target.
Analyst downgrades typically lead to a negative short-term reaction in the stock market as they suggest a less favorable outlook for the company. The substantial decrease in the price target from $40 to $29 by a major financial institution like B of A Securities could further erode investor confidence and lead to a sell-off.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100