Investec Securities has downgraded its strategy stance on the Industrials to "neutral" from "overweight" saying, from a top down perspective, it would now advise taking profits in the sector. Investec sees four key reasons for its downgrade, including the significant share price out-performance since January 2009, and in many cases, the substantial valuation premia of the stocks relative to their history and the market. The broker says forecasts for Industrials continue to assume a ...
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