UK's Tristel falls after Panmure Liberum cuts rating to "hold"

By Reuters News

** Shares of Tristel PLC TSTL.L down 3.2% at 416p

** Panmure Liberum downgrades Tristel to "hold" from "buy" and cuts target price to 420p from 450p

** "We were a little disappointed by progress in the US, and we get the sense that the narrative on US growth rates was a little more cautious than historically. Tristel is also seeing a little more competition in some of its markets" - Panmure Liberum

** Brokerage adds, "We expect to downgrade our PBT forecasts by around 13% as Tristel invests, but consensus should only come down by 5%, as we were top of the range"

** 4 of 6 analysts covering the stock have a "buy" rating or higher and 2 "hold" ; median PT is 471.5p - LSEG data

** YTD, stock has risen 0.6%

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