Univar downgraded to Neutral from Buy at UBS

UBS analyst Joshua Spector downgraded Univar to Neutral from Buy with an unchanged price target of $37. The stock has outperformed the market by 40% since the October 2022 lows, the analyst tells investors in a research note. The firm believes Univar is "doing many of the right things" to improve its longer term earnings power, but see risks to the near term outlook that could prevent a re-rating of the shares. In addition, Univar shares are pricing in at least some probability the company gets acquired, which after the exit of Brenntag from discussions, "could be more challenging," UBS adds. It sees the risk/reward as balanced at current share levels.