{"id":71060,"date":"2026-08-12T13:47:51","date_gmt":"2026-08-12T13:47:51","guid":{"rendered":"https:\/\/www.europesays.com\/germany\/71060\/"},"modified":"2026-08-12T13:47:51","modified_gmt":"2026-08-12T13:47:51","slug":"deutsche-bank-drops-bunzl-from-top-picks-after-share-price-recovery","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/germany\/71060\/","title":{"rendered":"Deutsche Bank drops Bunzl from top picks after share price recovery"},"content":{"rendered":"

\"Deutsche<\/a> Deutsche Bank drops Bunzl from top picks after share price recovery Proactive uses images sourced from Shutterstock <\/p>\n

Deutsche Bank has downgraded Bunzl PLC (LSE:BNZL)<\/a>\u00a0to ‘hold ‘from ‘buy’, arguing that the distribution group’s share price has caught up with an operational recovery the broker had been calling since the start of the year. <\/p>\n

Analyst David Brockton nudged his target price up to 3,000p from 2,950p. <\/p>\n

Bunzl, the FTSE 100 company that supplies non-food consumables such as packaging, gloves and cleaning products to businesses, had been one of the broker’s top picks in the business services sector for 2026. <\/p>\n

Brockton said management’s tone had noticeably improved over the past 18 months. <\/p>\n

The group endured weak volumes, deflation and what the analyst described as self-inflicted execution problems in its North American distribution arm during 2025, an operation accounting for roughly 30% of revenue. <\/p>\n

That division has since restored service levels and product availability. <\/p>\n

The year to date has brought a return to volume growth, helped by easier comparative figures and improved contract wins, alongside a return to inflation as the company passes on geopolitically driven increases in product costs. <\/p>\n

Half-year results on 1 September should confirm better operational delivery and a more supportive pricing backdrop, Brockton said. <\/p>\n

He sees potential upside in the second half from more persistent product cost inflation and a revival in acquisitions, historically a core part of Bunzl’s growth model. <\/p>\n

The problem is valuation. The shares have largely recovered the ground lost after a profit warning in 2025 and now trade close to their long-run average multiples. <\/p>\n

Brockton concluded that the improvements are more fairly reflected in the price at current levels. <\/p>\n

The shares fell 1% to\u00a02,776p. <\/p>\n","protected":false},"excerpt":{"rendered":"Deutsche Bank drops Bunzl from top picks after share price recovery Proactive uses images sourced from Shutterstock Deutsche…\n","protected":false},"author":2,"featured_media":71061,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21213],"tags":[52693,52691,52692,52694,21214,20519,21172,31168],"class_list":["post-71060","post","type-post","status-publish","format-standard","has-post-thumbnail","category-deutsche-bank","tag-brockton","tag-bunzl","tag-cleaning-products","tag-david-brockton","tag-deutsche-bank","tag-ftse-100","tag-share-price","tag-target-price"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/71060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=71060"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/71060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/71061"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=71060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=71060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=71060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}