JPMorgan downgrades Vesuvius after strong share price recovery
Vesuvius
503.50p
16:29 25/01/21
-4.55%
-24.00p
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.
FTSE 250
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16:31 25/01/21
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FTSE 350
3,776.85
16:31 25/01/21
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FTSE All-Share
3,752.00
16:31 25/01/21
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Industrial Engineering
15,179.54
16:31 25/01/21
-2.02%
-312.52
"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.