Renishaw upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Renishaw (RNSHF) to Hold from Underperform with a price target of 2,450 GBp, down from 2,890 GBp. Renishaw’s share price has been on the slide for the last four years as margins have compressed, growth has stuttered and capital allocation questions persist, though the firm sees more limited near-term earnings risk post the Q3 update and is “encouraged” by signs of value-creating portfolio management, the analyst tells investors.