Jefferies maintains its 'underperform' rating on Reckitt Benckiser, while raising its target price from 4,000 pence to 4,100 pence, on the basis of a reassessed litigation risk assumption of £4 billion (compared with £5.4 billion).

Ahead of the British group's quarterly trading update, scheduled for April 24, the broker considers the consensus to be 'optimistic', with the second half of 2024 expected to be the most significant contributor to growth for the year.

For the first quarter of 2024, Jefferies anticipates organic sales growth of -2.8% (compared with a consensus of -1.2%), expecting the nutrition and health businesses to miss forecasts.

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