Royal Mail is no longer a sell for analysts at Deutsche Bank, though only because the share price has tanked since it went bearish.
Deutsche Bank recommended selling the postal group on 6 April citing difficult labour negotiations with the CWU union, the likelihood of disappointing results, and a slowdown in European consumer spending.
All the events have panned out or are ongoing added the broker, but the share price has adjusted.
“The shares have declined by 19% since we initiated our catalyst call and this compares to the FTSE 100 which is down c6% over the same period,” said the bank.
For that reason, it is closing its sell idea.
Royal Mail shares today were up by 1.6% to 278.2p.