Berenberg raises target price on Vitec
Analysts at Berenberg raised their target price on camera supports manufacturer Vitec Group from 990.0p to 1,180.0p on Thursday, stating there was now "a brighter picture" for the group.
Berenberg said Vitec had made "a strong start" to 2021, with trading picking up "nicely" as first-quarter order intake and revenues came in broadly in line with 2019, while the group also announced two acquisitions - Lightstream and Quasar.
Vitec shares have also performed "exceptionally well", said Berenberg up 45% year-to-date, with the company also benefitting from the reopening trade.
Yet while the German bank expects the group to deliver "a much improved financial performance" in the current year, with the shares trading near all-time high levels at a valuation of 19.5x full-year 2022 price-to-earnings ratio and 10.7x enterprise value/underlying earnings, the analysts said they struggled to become "more constructive".
Berenberg reiterated its 'hold' rating on the stock, citing a preference for Strix and Coats in the retail/consumer subset of our UK industrials coverage.
Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.