Berenberg initiates coverage of UK's Rentokil Initial with 'sell' rating

** Brokerage Berenberg initiates coverage on British pest control company Rentokil Initial RTO with "sell" rating, on expectations of subdued growth in North America

** Berenberg sets target price at 284 p, citing ongoing complexity in integration of Terminix, which co acquired in 2022

** Brokerage estimates North America EBITA margin of 16.1% and 15.8% in FY26 and FY27, respectively, vs consensus of 17.9% and 18.6%

** Six of the 16 analysts covering the stock have a "buy" or higher rating, 8 have "hold" while 2 rate it at "sell" or lower; median PT is 425 p - LSEG data

** Shares fell as much as 1.68% at 363.4p before trading largely flat

** Up to Friday's close, the stock had fallen 8% so far this year