Barclays downgrades PZ Cussons, cites too much Nigerian exposure
PZ Cussons
79.10p
15:39 15/11/24
0.76%
0.60p
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.
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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.