The bank said management comprehensively reset market expectations at the time of Bunzl’s interims, promising growth inflection, solid margin prospects, M&A, and buybacks. This drove a 10-15% share price appreciation, it said.

"Given high expectations, we find it difficult to articulate further incremental, positive share price catalysts," Citi said.

The bank said it had decided to downgrade the stock, with its earnings forecasts "close to consensus and with the shares now trading in line with long run valuation multiples".

At 0930 BST, the shares were down 1.4% at 3,558.73p.