Rentokil Initial reinstated with a Neutral at JPMorgan

JPMorgan analyst Sylvia Barker reinstated coverage of Rentokil Initial with a Neutral rating and 500 GBp price target. The analyst sees potential for the valuation of Rentokil to “materially re-rate, but not before we get through a choppy 2024,” as the company focuses on stemming U.S. market share losses while executing the most complex part of the Terminix integration.