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(Sharecast News) - Citi upgraded Bunzl on Monday to 'buy' from 'neutral' as it said it was a hedged sector investment.
The bank had downgraded the shares to 'neutral' in December last year on valuation grounds, warning about deflationary headwinds weighing on organic growth and margins.
"Since then the stock has underperformed the market by 8%," it noted on Monday.
"Given increased market uncertainty on the back of rising bond yields, we upgrade our rating back to buy, whilst maintaining our target price, with ETR of circa 15%."
The bank has a 3,700p price target on the stock.
At 0945 GMT, the shares were up 1% at 3,314p.
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