FTSE 100 movers: Spirax-Sarco lifted by upgrade; Croda in the red

by | Jul 14, 2023

(Sharecast News) – London’s FTSE 100 was up 0.2% at 7,457.18 in afternoon trade on Friday.
Spirax-Sarco Engineering rallied after UBS upgraded the shares to ‘buy’ from ‘neutral’ and lifted the price target to 12,400p from 11,560p, citing an attractive entry point.

“We now see the shares as presenting an attractive entry point, having de-risked our FY23e estimates and updated our views on the drivers of growth ahead of IP from next year,” it said. “We note near-term risk/reward is now better balanced, following share price weakness in Q2 (-15% underperformance versus defensive peer Halma).”

UBS added that while consensus has been coming down recently, the shares are not reacting to downgrades.

It said the stock’s valuation is as attractive now as it was at the Covid trough in March 2020 on an EV/ EBIT basis.

On the downside, Croda fell after Barclays cut its price target on the shares to 6,600p from 7,200p.

FTSE 100 – Risers

Spirax-Sarco Engineering (SPX) 10,420.00p 2.76%
AstraZeneca (AZN) 10,538.00p 2.01%
Mondi (MNDI) 1,293.00p 1.89%
London Stock Exchange Group (LSEG) 8,224.00p 1.63%
Halma (HLMA) 2,237.00p 1.45%
Vodafone Group (VOD) 72.89p 1.33%
Auto Trader Group (AUTO) 633.60p 1.28%
Hargreaves Lansdown (HL.) 845.00p 1.27%
Rightmove (RMV) 540.80p 1.20%
Frasers Group (FRAS) 724.50p 1.19%

FTSE 100 – Fallers

Croda International (CRDA) 5,670.00p -2.24%
Ocado Group (OCDO) 606.40p -2.19%
Legal & General Group (LGEN) 225.20p -1.01%
Rolls-Royce Holdings (RR.) 147.80p -1.00%
Admiral Group (ADM) 2,071.00p -0.91%
IMI (IMI) 1,591.00p -0.87%
Fresnillo (FRES) 630.40p -0.85%
Aviva (AV.) 388.00p -0.82%
BP (BP.) 462.50p -0.68%
Severn Trent (SVT) 2,448.00p -0.65%

Related articles

Latest Articles

Time for Japan to act (II): State Street Global Markets

Time for Japan to act (II): State Street Global Markets

Written by Michael Metcalfe, Head of Macro Strategy, State Street Global Markets  Writing ahead of the September BoJ gathering in 2022, we argued in Time for Japan to act (first edition!) that the authorities should begin monetary tightening both through moving the...

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

(Sharecast News) - European stocks opened in the red on Thursday after hawkish comments from the US Federal Reserve on future rate rises dampened sentiment and investors turned their attention to the Bank of England's own policy meeting. The pan-European Stoxx 600...

Capita signs two new contracts worth £565m

Capita signs two new contracts worth £565m

(Sharecast News) - Outsourcing group Capita said it has signed two new contracts with the UK and Northern Ireland governments worth a combined £565m. Four months after Capita was selected as the preferred bidder, the group has now confirmed it has sealed the deal to...

Rise in UK borrowing limits Hunt’s scope for tax cuts

Rise in UK borrowing limits Hunt’s scope for tax cuts

(Sharecast News) - Britain's budget deficit in August was slightly higher than expected, according to official data published on Thursday, meaning Finance Minister Jeremy Hunt will have less scope for tax cuts ahead of the General Election. Public sector net borrowing...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.