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Intertek: Stifel still says 'sell'

( - Stifel maintains its "sell" rating on Intertek shares, with an unchanged target price of 3,400 pence.

The analyst says that results for the July-October period were in line with consensus, although potentially a touch better than feared given cautious expectations.

"Yet, we note the continued sluggish momentum in the Consumer Products division and the key Softlines and Hardlines division showing negative y/y growth over the period," Stifel points out.

Intertek has confirmed its outlook for FY 2023, an unsurprising update for Stifel, which nevertheless remains cautious about the stock, as it sees downside risk to margin expectations.

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