Deutsche Bank raises target price on Reckitt Benckiser

Analysts at Deutsche Bank upped their target price on consumer goods company Reckitt Benckiser from 7,400.0p to 8,400.0p on Monday, highlighting the group's "enduring fame".

Deutsche said the Covid-19 pandemic had led to "significant growth" in some of Reckitt Benckiser's categories and stated it would also likely rejuvenate growth in others.

The German bank stated that higher near-term demand enabled the company to invest more to support its long-term objectives and increased the likelihood of success.

Deutsche said its new numbers indicated a further 9% upside and 11% total shareholder return despite the group trading on a premium to the Staples sector, stating the position was justified by RB's enhanced growth outlook and turnaround plan.

"Given likely persistent low interest rates, we feel that investors should not be afraid of good quality expensive stocks."