Rentokil Initial upgraded to Neutral from Sell at UBS

UBS upgraded Rentokil Initial to Neutral from Sell with a price target of 480 GBp, up from 385 GBp. Fundamental pressures remain, but the stock’s valuation rebasing and activist involvement “bring new debates,” the analyst tells investors in a research note. The firm switched valuation methodologies on the shares and upgraded Rentokil Initial to Neutral.