Canaccord Genuity lowers target price on Esken following review
Esken Limited
€0.00
07:00 28/03/24
Analysts at Canaccord Genuity reinstated their forecasts and price target for infrastructure, aviation and energy company Esken on Tuesday, hitting the stock with a 'buy' rating but lowering their target price on the stock to 23.0p.
Canaccord said it thinks Esken's shares were capable of supporting its price target over the next 12 months, and with over 60% upside, added that the stock offers a "compelling" reward/risk scenario.
The Canadian bank stated Esken's outlook compounds for longer-term risk-takers, reflecting its long-term projections for the group and the London Airport market – which implies that the market value for London Southend Airport could, in time, be strongly ahead of the £400.0m its CGI convertible loan implies.
"We believe that with its refreshed management team, Esken is capable of continued stabilisation and transition to a focus on assets capable of generating better returns, cash flow and value – with energy and London Southend Airport (LSA) being key prospects," said Canaccord, which previously had a 136.0p target price on the stock before placing it under review.