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BUZZ-Rentokil: Rallies after Credit Suisse upgrade

Reuters - UK Focus

** Pest control and hygiene company Rentokil's shares up 3.7 pct and among top gainers on FTSE 100

** Credit Suisse (IOB: 0QP5.IL - news) upgrades Rentokil to Outperform (from Neutral) with a 330p (from 340p) price target after recent share price weakness (stock down c16 pct from start Nov intraday peak)

** Broker flags that within Pest Control, the core of the business, two thirds of the exposure is to the US where CS reckons it can continue to take share and, as it builds density, expand margins from c14% in 2017E to its target of 18% by 2020

** "We forecast that Rentokil can deliver 4.5% organic growth on average (2017E-2022E) with excess cash from the core, asset light, Pest and Hygiene divisions rotated into a further c5% revenue growth from future M&A" - Credit Suisse (harish.bhaskar.thomsonreuters.com@reuters.net)