MARKET TALK: Seymour Pierce Downgrades Bunzl To Hold

22nd Jun 2010 08:16

0716 GMT [Dow Jones] Seymour Pierce downgrades Bunzl (BNZL.LN) to hold from buy, as the shares have reached its target price. Says the shares have had a strong run and are now trading on 13.1x 2010 earnings. Notes the company's 2Q trading update indicates there has been some progress since 1Q. Says overall the markets are strong in North America and revenues were ahead of the same period last year in Continental Europe. However, says the UK and Ireland remains weak, down on the same period last year. Has 750p price target. Shares -1.8% at 733p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 22, 2010 03:16 ET (07:16 GMT)