Barclays upgrades Victorian Plumbing to ‘overweight’

Barclays upgraded Victorian Plumbing on Thursday to ‘overweight’ from ‘equalweight’ and lifted the price target to 100p from 75p, citing gross margin upside potential and an improving track record.

The bank said the investment case was worth revisiting given an improving track record bolstered by clear long-term conviction and the potential for gross margin upside from falling freight rates.

It also pointed to impressive market share gains and strong positioning into a potential recession, with £46m net cash.