Rentokil Likely to Provide Details on Cost Cuts at 3Q Update
Dow Jones
Sep 25
1326 GMT - Rentokil is continuing to simplify its portfolio but there are few catalysts expected for the stock until its third-quarter update on Oct. 22, Bernstein's Will Kirkness and Filippo Giardini write after speaking with management. "Our key takeaway was growth messaging is consistent and the lack of progress is driven by a range of factors, but scope for self-help remains considerable," the analysts write. They expect more details on the scale of cost cuts in the pest-control company's international arm, and subsequent reinvestments in North America in the update. Bernstein has an outperform rating on the stock and 510-pence price target. Shares are down 0.3% at 308 pence and 31% lower over the year to date.
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