Analysts at Deutsche Bank raised their target price on plastic piping manufacturer Genuit from 653.0p to 708.0p on Wednesday, citing the group’s “strong” first-half performance.
Deutsche Bank pointed to Genuit’s adjusted interim operating profit of £48.6m, eclipsing its 2019 first-half performance by roughly 24% as it primary reason for the upgrade but also noted that the company appeared to be continuing to trade well, prompting a rise in management’s expectations for the full year.
“We raise our 2021-2023E operating profit forecasts by 4-7% and our target price by circa 8%,” said the German bank, which also reiterated its ‘buy’ rating on the stock.
“The company remains a strong performer, with recent acquisitions operating at or above expectations (three in February alone indicative of a team that does not let the grass grow under its feet).”
