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Recent share price weakness suggests room for a rebound.
We downgrade our recommendation on recent share price strength".
Neither incremental news flow nor fundamental valuation supports the recent share price move.
Given the margin surprise and recent share price weakness, we move to add from hold.
"Recent share price weakness is potentially unhelpful and reflects financial worries, not progress in the business".
However recent share price strength leaves the relative valuation somewhat full, at more than twice that of the sector".
The recent share price weakness is unwarranted in our view, so we are happy to reiterate our buy recommendation.
But investors decided to bank some profits following the company's recent share price performance, pushing it 15p lower to £18.15.
Despite recent share price falls, we think the share price is still too high for the value being created.
As such we think the recent share price rally is over-done and reiterate our sell and 65p target price.
We now upgrade to buy given an improvement on a number of our concerns and recent share price weakness.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com