Analysts at Canaccord Genuity hiked their target price on diversified financials outfit Equals Group from 57.0p to 98.0p on Tuesday following the firm’s recently published interim results.
Canaccord, which stood by its ‘buy’ rating on the stock, stated the strength of Equals’ first-half results, bolstered by the acceleration of activity in the third quarter, gave it the confidence to upgrade its assumptions.
“We now expect revenue to be 6% higher than our prior forecast in CY21E and 5% above in CY22E. Positive operational gearing implies that our EPS forecasts are upgraded by 8% in each year,” said Canaccord.
The Canadian bank added Equals’ outlook was “strong” and underpinned by its investments in technology in previous years, which it said were now bearing fruit.
Analysts at Berenberg downgraded their recommendation and cut their target price for shares of ITM Power following the “green” hydrogen specialist’s full-year results.
Bernberg stated ITM’s annual report card showed that “several” of the risks that it had flagged when initiating coverage on the stock were now playing out.
As a result, the German bank lowered the stock from ‘hold’ to ‘sell’ and its target price from 400.0p to 350.0p.
However, Berenberg did reiterate its optimism regarding the manufacturer’s long-term prospects.
The bigger than expected loss aside, Berenberg said commercial pricing terms and change in mix would result in lower revenues for each megawatt that might potentially be delivered from the company’s order pipeline.