Bernstein downgrades Reckitt; litigation rollercoaster continues [Yahoo! Finance]
Fiverr International Ltd. Ordinary Shares, no par value (FVRR)
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Source: Yahoo! Finance
At 08:15 ET (13:15 GMT), Reckitt stock fell 0.4% to £49.75, having fallen over 8% over the course of the year. “Reckitt shares have suffered from a rollercoaster over the past twelve months, driven in no small part by the NEC litigation in the US,” said analysts at Bernstein, in a note dated Nov. 4. The company's stock fell 13% in February following weak FY23 results, and dropped another 15% in March following the adverse ruling in the Watson NEC trial. Shares then jumped 7% on Friday, after the Jury in the Whitfield NEC trial found in Reckitt's favor. “Following the rally seen since the start of August, we estimate that the NEC litigation discount has narrowed from £10bn to only around £4bn today, and as such Reckitt is now approaching our estimate of fair value,” Bernstein said. Thus, Bernstein has downgraded its stance to ‘market-perform' from ‘outperform', and cut its price target to £53.00 from £60.00. The bank has also revised its thinking around the likely value of a
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