Jefferies upgrades its opinion on Reckitt Benckiser from 'underperform' to 'hold', with a target price raised from 4100 to 4400 pence, on slightly improved sentiment regarding litigation in the USA which has weighed on the share price.

The broker points to the 23% decline in the share price since the beginning of the year, following a disappointing 2023 financial year, and believes that 'from an operational point of view, an implicit NTM P/E ratio of around 14 times better reflects realistic long-term profitability'.

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