JPMorgan downgrades Vesuvius after strong share price recovery
Vesuvius
539.50p
16:20 19/04/21
-0.19%
-1.00p
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
22,490.86
16:30 19/04/21
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FTSE 350
4,016.12
16:30 19/04/21
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FTSE All-Share
3,996.65
16:20 19/04/21
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Industrial Engineering
14,905.57
16:19 19/04/21
0.00%
0.00
"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.