We downgrade Gooch to HOLD from BUY following a strong share price run (+c.60% YTD) and significant valuation expansion. Aerospace & Defence continues to trade strongly, and recovery in Industrial and semiconductor markets appears increasingly sustained. In contrast, Life Sciences underperformed, with lower volumes and supply chain challenges impacting both revenue growth and margins. The outlook is cautiously positive, but Gooch has significant work to do in H2, needing to convert H1 adjusted o ....
