HSBC upgrades UK's Spirax to 'hold' after stock falls 16% YTD
** Shares of Spirax SPX.L edge up 0.1% at 8,810 pence at 07:50 GMT, paring gains after rising as much as 0.5%
** HSBC upgrades stock to "hold " from "reduce" after it falls 16% YTD vs 6% increase in FTSE 100 .FTSE
** Suggests Spirax might have to revise its forecast for 2024 due to high implied growth needs in H2
** Market is aware of the risk of a guidance revision and that this is now in the price - HSBC
** Raises its PT to 8,700p from 8,600p, implying an about 2% downside to stock's closing price on July 15
** Average recommendation of 16 analysts on SPX is equivalent of a 'hold' with median PT at 9,800p - LSEG data
Reporting by Marta Serafinko
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