JPMorgan downgrades Vesuvius after strong share price recovery
JPMorgan Cazenove downgraded its stance on shares of molten metal flow engineer Vesuvius on Wednesday, to ‘neutral’ from ‘overweight’, following a strong recovery in the share price.
"Management has a strong cost savings track record, though we expect the emphasis to shift towards growth and M&A from here," JPM said.
"We see more upside elsewhere, with the group's FY2 price-to-earnings now being 30% above its average since 2015."
JPM lifted its price target on the stock to 591p from 575p.
At 1040 GMT, the shares were down 3% at 522.50p.