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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Berenberg hikes target price on Morgan Sindall

Fri 13 Feb 2026 09:26

(Sharecast News) - Analysts at Berenberg hiked their target price on construction firm Morgan Sindall from 5,400p to 5,800p on Friday in order to reflect another strong performance from the group's fit out division. Morgan Sindall released a trading update on Thursday that indicated it anticipates FY25 results, due on 25 February, to be in line with current market expectations, though given progress in its key fit out division, FY26 was now expected to be significantly ahead of previous expectations.

"This is yet another very strong update from the team at Morgan Sindall, again reflecting the strength of the Fit Out performance, which continues to impress," said Berenberg, which has a 'buy' rating on the stock.

"We had previously forecast FY26 EBIT in Fit Out to be in the middle of the £80m-100m range, down from the exceptionally strong c£138m we forecast in FY25. As such, given the divisional guidance to be 'significantly above the top end of the mediumterm target', we increase divisional EBIT to £110m and lift FY26 group PBT by c8%."

The German bank added that Morgan Sindal currently trades at a 16.2x FY26 price-to-earnings ration, 9.4x EBITDA and 11.0x EBIT.

Reporting by Iain Gilbert at Sharecast.com

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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