Citi upgrades LondonMetric to 'buy'

Citi upgraded LondonMetric on Wednesday to ‘buy’ from ‘neutral’ as it said cyclical growth and structural expertise was undervalued.

"We estimate the structural growth opportunity, particularly in logistics to be undervalued as cyclical strength intensifies," the bank said.

"In our view, management’s cyclical expertise, proven track record of utilising their diversified strategy, and pivoting to sectors of strength (most recently in logistics) are differentiating features that are undervalued over the long term."

At 1245 BST, the shares were up 1.3% at 201.85p.