Kingspan upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Elodie Rall upgraded Kingspan (KGSPY) to Neutral from Underweight with a price target of EUR 69, up from EUR 65. Given the stock’s year-to-date underperformance, the firm no longer views the risk/reward as skewed to the downside, the analyst tells investors. With valuation at a 20% discount to its long-term average, the firm thinks Kingspan’s core insulation business remaining challenging and contributing to further earnings risks is broadly reflected in the shares, the analyst added.