DCC PLC (LON:DCC) drifted lower on Monday after analysts at RBC Capital downgraded their rating for the Ireland-based distribution giant to sector perform from outperform following a recent trading update as it thinks the stock is “up with events”.
The Canadian bank raised its target price for the FTSE 100-listed firm to 7,400p from 6,000p, with the shares currently changing hands at 6,960p, down 1.8% on Fridays close.
READ: DCC says first quarter trading ahead of expectations despite hit from pandemic
In a note to clients, RBCs analysts said: “We continue to be fans of the stock, especially the strong operational management and returns focus, but we now see Read More – Source
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