Berenberg downgrades Relx after share price outperformance

The bank noted that the shares are up 38% over the last year, adding £17bn to the market cap, hence the decision to take profits and downgrade the rating.

"We previously argued that Relx’s scope to positively surprise on scale of buybacks was underappreciated, and this catalyst crystalised at the full-year results on 15 February, with management announcing a £1bn buyback for 2024," it said.

"We also previously argued that Relx’s medium-term growth was more sustainable than consensus appreciated.

"However, consensus caught up and our price target, which was the highest among our peers when we initiated, soon became the lowest of those analysts with a buy recommendation.

"Looking forward, we struggle to see catalysts to drive further significant near-term share price outperformance. As such, we downgrade to hold, albeit we increase out price target to 3,500p (from 3,300p previously)."