In its note of the day, UBS indicates that it intends to reduce its earnings forecasts for 2024, but maintains its Buy recommendation on the share.

The price target remains unchanged at 1130 pence, representing potential upside of 18%.

' The reduction in earnings mainly reflects higher-than-expected financial expenses in 2024. We believe that organic growth is achievable in 2024, but note that there is downside risk' says UBS.

' The 2024 outlook for adjusted EBIT is c2% below the VA consensus. The forecast calls for organic growth of 3.7% against a VA consensus of 4.2% and a UBSe consensus of 4.5%. FCF in 2023 is raised to £387 million from £222 million in 2022' adds the analyst firm.

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