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Reckitt equities don't get support from equity analyst takes

CONSUMER STAPLES
  • Reckitt has seen a stream of bullish equity analyst views (supported by management's confidence yesterday & relative market cap wipe out vs. liability expectations) - it hasn't helped its stock that is down -4% {RKT LN Equity} and the worst performing in €IG basket. Credit mid's (A3, A-) are unch today - as we would expect now.
  • As we mentioned yesterday, our issue isn't with the extent of liability pricing (proxied in equity losses) but more-so the timing of the start of the Federal cases next year - it'll mean spreads will need to continue pricing the liability size uncertainty for at least the next ~9-12months before we get firmer clarity.
  • In the near term, there could be a positive catalyst from success on appeal (company expects) on last weeks $60m state-loss - we still don't see that as an attractive enough to take on spreads here.
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