We are reducing our rating to Hold. The shares have risen 17% YTD and are now at our target price. We remain bullish on the long term and are not changing estimates. We expect the AGM statement next week to indicate trading is in line with expectations. Currency headwinds drive below average EPS growth in FY16E but we expect growth to accelerate in FY17E as Genus continues to gain share and improve margins in its porcine and bovine genetics business. Our £15.00 TP is unchanged.