Analysts Bullish on Rentokil Shares; Continued Growth Expected in 2026

Rentokil Initial (LON: RTO) has been the recipient of analyst optimism over the last couple of months, with fresh endorsements from JPMorgan and Bernstein pointing to improving growth prospects and a stronger financial profile heading into next year.

JPMorgan reinstated coverage of the pest-control group with an Overweight rating and a 477p price target. 

The bank’s analyst Jane Sparrow told investors in a note that recent improvements in organic growth appear sustainable and should carry into 2026. 

According to JPMorgan, Rentokil’s cash conversion, which has been held back for four years by integration work and legacy termite claims, is set to “meaningfully improve” as those pressures ease. 

The firm argued that a cleaner balance between earnings and cash flow gives management more flexibility as growth normalises.

Bernstein is also constructive. In October, the broker upgraded Rentokil to Outperform from Underperform, lifting its price target to 570p from 313p. 

The firm cited inflecting organic revenue trends and stated that it expects growth to recover to around 3%–5% as strategic investments begin to deliver. 

Bernstein added that underlying market conditions remain supportive for outsourced hygiene and pest-control services, helping reinforce the company’s medium-term outlook.

The renewed bullishness comes despite recent share price weakness. Rentokil shares have risen about 1.2% year to date but are still down more than 9% over the past month, currently trading near 405p.