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Equity Research Summary: Renishaw PLC

• Key Recommendation Change: The equity rating for Renishaw PLC was upgraded from Underperform to Hold, reflecting less downside risk and stronger shareholder-friendly actions.
• Reasons for Upgrade: Reduced downside due to positive 3Q trading update and evidence of portfolio management, including exit of the loss-making neurological drug-delivery business and divestiture of remaining robotics segments.
• Valuation: SOTP-driven price target of 2,450p, equivalent to an FY26 EV/EBITDA multiple of 13.0x.
• Risks: Positive risks include proactive capital allocation and cost management; negative risks involve potential margin deterioration from revenue mix/competition, global tariff uncertainty, and slowdowns in aerospace/semiconductor markets.