27 May 2025 | 5:00AM BST IMI Plc (IMI.L) IMI.L 12m Price Target: 2,120p Price: 1,928p Upside: 10.0% Christian Hinderaker, CFA +44(20)7774-7366 | christian.hinderaker@gs.com Goldman Sachs International Tommaso Nocchi +44(20)7552-2232 | tommaso.nocchi@gs.com Goldman Sachs International We downgrade IMI to Neutral and lower our 12m target price to 2,120p (from Buy, TP 2,220p) to reflect estimates revisions following the sharp decline in US ISM manufacturing PMIs, our latest capex trackers, IMI's 1Q25 trading u ...