UK competition regulators have slapped a £1.7m fine on Berendsen and a rival laundry company after finding them guilty of collusion.
Commercial laundry company Berendsen, which has agreed to be taken over by French rival Elis, posted a 5.6% drop in half-year profit on Tuesday amid a deteriorating UK performance.
Provident Financial: RBC downgrades to Sector Perform with a target price of 2650p.
Berendsen surged on Thursday as it agreed to a sweetened takeover offer from French peer Elis valuing the London-listed commercial laundry company at £2.2bn.
Laundry services group Berendsen has come out fighting against an unwanted takeover offer from France's Elis Services, saying a the proposal very significantly undervalues the company and would raise risks.
Laundry services group Berendsen on Thursday dismissed a new £2.05bn bid by French rival Elis as "opportunistic".
Casting its critical eye over the larger UK business services groups, Morgan Stanley said Aggreko, Berendsen and Capita, instead recommending investors own DCC, AA, Experian and Rentokil.
Berendsen not only needs to invest in property, plant and equipment but is facing increasing competition in the UK, warned Morgan Stanley as it downgraded the stock on Friday.
FTSE 250 commercial laundry group Berendsen said first-quarter trading was in line with management expectations, as it announced the retirement of its chief financial officer.
BT Group: Deutsche Bank reiterates Sell with a target price of 275p.
Tullow Oil: Goldman Sachs upgrades to Neutral with a target price of 200.6p.
Commercial laundry group Berendsen was under the cosh as RBC Capital Markets cut the stock to 'underperform' versus 'outperform' and slashed the price target to 660p from 950p saying the risk profile has significantly increased.
Berendsen: Credit Suisse downgrades to Underperform with a target price of 700p
Tullow Oil: Deutsche Bank upgrades to Buy with a target price of 330p.
Shares in commercial laundry company Berendsen were under pressure after Barclays cut the stock to 'underweight' from 'equalweight' and slashed the target price to 700p from 911p.
Go-Ahead Group: Liberum downgrades to Hold with a target price of 2100p.
HSBC has downgraded Berendsen to 'hold' from 'buy' and chopped its target price to 940p from 1,070p as it believes that the commercial laundry company's proposed investment in the UK is going to cost more than management currently calculate.
Commercial laundry company Berendsen posted a rise in full-year profit and revenue but sounded a more cautious note on its outlook as it said it will continue to be affected by legacy issues.
Berkeley Group: Barclays reiterates Equal Weight with a target price of 3175p.
Commercial laundry group Berendsen got a boost as RBC Capital Markets upgraded the stock to 'outperform' from 'sector perform' and lifted the price target to 950p from 900p.