Deutsche Bank drops Bunzl from top picks after share price recovery Proactive uses images sourced from ShutterstockDeutsche Bank has downgraded Bunzl PLC (LSE:BNZL) to 'hold 'from 'buy', arguing that the distribution group's share price has caught up with an operational recovery the broker had been calling since the start of the year. Analyst David Brockton nudged his target price up to 3,000p from 2,950p. Half-year results on 1 September should confirm better operational delivery and a more supportive pricing backdrop, Brockton said. He sees potential upside in the second half from more persistent product cost inflation and a revival in acquisitions, historically a core part of Bunzl's growth model. Brockton concluded that the improvements are more fairly reflected in the price at current levels.