Jefferies has double-downgraded Judges Scientific to “underperform,” slashing its price target to 4,015p from 7,380p. The broker’s stark reversal follows two years of profit warnings that have eroded investor confidence in the UK industrial name. At the new target, Jefferies sees about 17% downside from the current 4,820p share price.

The downgrade reflects a broader reassessment of the company’s quality profile, which the broker says has weakened amid declining research spending and weaker end-market visibility. Jefferies now values Judges Scientific at a 20% discount to its “quality” UK industrials peer group, trading at an 11.8x FY27F EV/EBITA multiple.

Despite a decentralised model and niche market shares across 23 businesses, these strengths are not offsetting the tougher backdrop. Jefferies also cites limited visibility and a difficult acquisition environment as key concerns. The stock now sits among the broker’s least-preferred UK industrials, alongside Halma.