Barclays upgrades DS Smith to ‘overweight’
DS Smith Plc
340.00p
16:30 26/04/24
-0.58%
-2.00p
Barclays upgraded DS Smith on Monday to ‘overweight’ from ‘equalweight’ and lifted the price target to 360p from 310p.
Cboe Brexit Low 50
15,944.07
17:14 26/04/24
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137.83
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Cboe Europe Non-Energy Materials Sector
16,964.53
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260.39
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813.49
17:14 26/04/24
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7.05
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Cboe UK 350
14,305.01
17:14 26/04/24
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127.01
Cboe UK 350 NTR
23,066.61
17:14 26/04/24
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204.80
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10,800.08
17:15 26/04/24
1.75%
185.49
Cboe UK Non-Energy Materials Sector NTR
18,305.30
17:15 26/04/24
1.75%
314.39
It noted that DS Smith is one the cheapest stocks in global packaging currently and said it expects a volume recovery to drive a multiple re-rating.
"We believe DS Smith should cut capex to maintenance capex levels and hope that DS Smith doesn't engage in expensive M&A and instead focuses on optimising its portfolio and operations," Barclays said.
At 0930 GMT, the shares were up 1.9% at 302.20p.