Deutsche Bank has downgraded shares in Victrex PLC (LSE:VCT), a specialist in polymer-based liquids, from 'buy' to 'hold' and lowered its price target from 990p to 850p, citing elevated uncertainty and margin pressure.
The bank pointed to an 8% year-on-year volume increase in the third quarter, but highlighted weaker pricing in the medical segment as a key concern.
Average selling prices dropped to £68 per kilogram, down from £70.80 in the previous quarter and £76 a year earlier.
Deutsche also noted volume growth in value-added resins, energy, and industrial markets, while aerospace and automotive remained stable and electronics improved.
The report covered the planned retirement of CEO Jakob Sigurdsson after nearly eight years, with Dr James Routh, currently at AB Dynamics, set to take over.
In afternoon trading, the shares were up 2.5% at 738p.