Barclays downgrades PZ Cussons, cites too much Nigerian exposure

Barclays downgraded shares of Imperial Leather maker PZ Cussons on Friday to ‘equalweight’ from ‘overweight’ and slashed the price target to 111p from 205p, citing "too much" Nigerian exposure.

The Naira devaluation has brought more issues with a weakening macro backdrop, which continues to weigh heavily on PZ, Barclays said.

"Underwhelming contributions from beauty and Indonesia, low stock liquidity and a lack of catalysts leave us looking elsewhere."

At 0910 GMT, the shares were down 1.9% at 94.40p.