Aston Martin Lagonda impresses Deusche and Cazenove

A day after Aston Martin Lagonda's first trading update after floating in London last month, the upmarket carmaker received positive write-ups from analysts at Deutsche Bank and JPMorgan Cazenove.

In its third quarter update, the company said it expected full-year sales to come in at the top end of expectations at up to 6,400 vehicles, after selling 1,776 in the quarter, double the same period last year, with a 22% increase in first nine months of the year to 4,075. Adjusted operating profits were up 32% to £160.3m and profit before tax 16% to £23.9m in the year to date.

Chief executive Andy Palmer said assembly of first DBX prototypes started on schedule, with full production to begin in 2020.

"These strong results give us confidence that we will meet our full-year targets with sales at the top end of the range," Palmer said. "This will pave the way for future growth as we prepare to begin production of the breakthrough DBX model at our new plant at St Athan, and as we receive further orders for new models including the DBS Superleggera and special editions."

Deutsche Bank initiated with a 'buy' recommendation on the "British luxury icon" based on a target price of 2,000p. Luxury icon with 105-year heritage

The bank's analyst Tim Rokossa noted that Aston Martin has been "professionalized" over the last four years under Palmer, with its 2,900 employees selling around 5,100 vehicles last year, generating £876m of annual revenues and an EBITDA margin of 23.6%.

With a 105-year heritage "amplified by its association with the James Bond franchise", the analyst said the manufacturer "caters to a very exclusive, underpenetrated customer group that is more resilient to economic cycles and much less price sensitive than the average car buyer".

Meanwhile, Cazenove kicked off its coverage with an 'overweight' rating and its target price also at £20.