Looks like broker re-ratings will dampen any chance of a rally. Berenberg with a 32% reduction in target price (560 to 380) and Goldman retaining their sell rating will probably do the most damage. Not all doom and gloom though with a few modest price cuts and a bunch of reiterations. JPM's target price of 550 now looks like an optimistic near-term objective.
The shares purchased are cancelled straight away or as soon as possible thereafter, otherwise they would have to announce that the shares were being held in Treasury. If you keep an eye on the number of shares in issue, you will see it dropping over time in line with the purchases.
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