Bodycote upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Andrew Wilson upgraded Bodycote to Neutral from Underweight with a price target of 640 GBp, up from 585 GBp. In line with the firm’s wider European coverage, the analyst’s U.K. capital goods sector view remains cautious in the near term. Valuations are close to all-time highs relative to the market and it is difficult to be optimistic on the sector with risk to 2024 earnings, the analyst tells investors in a research note. The firm is focusing on bottom-up stock picking, revisiting and refreshing its views on each stock in the group.