Rentokil Initial downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Rentokil Initial to Equal Weight from Overweight with a price target of 540 GBp, down from 670 GBp. The analyst refreshed the firm’s “Best Business Model framework” to identify valuation anomalies and opportunities for 2024. Preferred plays are Elis, Bureau Veritas, Experian and Diploma, the analyst tells investors in a research note. The firm is cautious on Securitas, IMCD and Eurofins.