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( – Credit Suisse maintains its 'underperformance' rating on the stock and reduces its price target to 151p, from 200p previously.

The broker considers that the recent recapitalization announcement – with the issuance of 2 billion pounds of bond bonds – is consistent with the needs of the group. However, the cash balance should not be reached until 2024, believes Credit Suisse.

If the plan should reassure customers, it does not solve the strategic challenges around Rolls-Royce's business portfolio, nor its ability to invest and generate returns for shareholders, continues the broker.

'We don't see Rolls-Royce as currently offering an attractive investment case,' the analyst concludes.

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