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Elis: Berenberg drops buy rating

( - An analyst at Berenberg this morning said that he is downgrading the share from "Buy" to "Hold".

"Elis is a leading European textile rentals company. Economies of scale, an efficient plant network and optimised logistics have led to best-in-class margins in its regions," Berenberg said.

"Elis's share price has performed solidly, especially from Q3 2019 when concerns about its pricing power vanished. With limited upside... we downgrade our recommendation to Hold," the broker explained, which confirms its target price of 19 euros for the share (upside limited to 6%).

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