RELX - RELX: Business Remains Strong But Now Looks Overvalued (Rating Downgrade)

2024-06-04 08:57:08 ET

Summary

• RELX's exhibitions division is recovering from the pandemic, but the shares are now overpriced, leading to a "sell" rating.
• The company's overall business has shown progress and growth, with all four business units performing well.
• Risks include the potential impact of an economic slowdown and the reliance on in-person exhibitions for revenue.

U.K.-based professional services group RELX ( RELX ) has an attractive business that has continued to perform strongly, and even its exhibitions division is now close to putting the tough years of the pandemic and beyond behind it. I continue to consider the investment case as attractive, but see the shares as overpriced now, and am accordingly cutting my rating to “sell”....

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