Deutsche Bank downgrades United Utilities as it breaches price target

25th Mar 2019 09:26

(Sharecast News) - Deutsche Bank downgraded its stance on shares of United Utilities to 'hold' from 'buy' as they have risen above its 850p price target.DB noted that the stock has risen strongly since its upgrade to 'buy' on 1 October 2018, with rising con?dence around future incentive scheme performance improvements and moderating concerns around political risk."However, the stock now looks less clearly undervalued, having risen above our 850p price target," it said."Furthermore we believe that UK political uncertainty is rising again as the Brexit negotiations come to a head with growing downside risks."DB said it now has no UK regulated utilities rated at 'buy'. At 1050 GMT, the shares were down 1.8% to 847.80p