Barclays downgrades PZ Cussons, cites too much Nigerian exposure
PZ Cussons
80.00p
16:55 20/12/24
-2.56%
-2.10p
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.
FTSE 250
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17:14 20/12/24
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17:14 20/12/24
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4,421.11
17:04 20/12/24
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Personal Goods
15,531.92
17:14 20/12/24
0.39%
60.83
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.