Bunzl downgraded to Underperform from Hold at Jefferies

Jefferies analyst Kean Marden downgraded Bunzl to Underperform from Hold with a price target of 2,600 GBp, down from 2,950 GBp. The analyst anticipates a period of flat to declining underlying EBITA and share price underperformance from the current all-time relative high. Over the last month there have been a slew of profit warnings across chemicals, paper and packaging, and broader industrials, the analyst tells investors in a research note.