JP Morgan acknowledged that July’s interim results were disappointing, but said there were two potential short-term catalysts that could push the title up.
A major Wall Street bank reiterated its bullish position of (,,) ahead of Investor Day next week.
JP Morgan acknowledged that July’s interim results were disappointing, but said there were two potential short-term catalysts that could lift the stock, which has languished for the past six weeks.
He pointed out that industry sales data currently supports that Reckitt is meeting or even exceeding its comparable sales target.
At the same time, JPM expects “a gradual increase” in the strategic review of the consumer goods giant, details of which could be passed on to a wider audience of investors on an Investor Day on the 23rd. September.
In a note to clients, he said he would seek “progress in the turnaround process, improved capabilities in areas such as innovation, supply chain, execution, as well as detailed progress in specific areas of activity and return on investment “.
Repeating its “overweight” stance, the investment bank said Reckitt was worth £ 85 a share. The stock closed at £ 59.16, up 1.65%.