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Berenberg lifts Genus forecasts, remains bullish for year ahead
(Sharecast News) - Berenberg has raised its target price for Genus following the animal genetics group's first-half trading update on Friday, keeping the stock at a 'buy' citing "multiple catalysts" for the year ahead.
The broker has given Genus a new target price of 3,250p, up from 3,050p previously, saying that "2026 promises to be a key year" for the company.
Genus raised guidance for the second time in three months on Friday, with management now expecting full-year adjusted pre-tax profit to come in ahead of the consensus range of £82.7-85.0m, prompting Berenberg to lift its own forecast by 6% to £88.1m.
"Importantly, the upgrades are being driven by strong trading in the PIC (pigs) business, which reflects the benefits of the group's shift towards a royalty-driven model. This is increasing the defensiveness and predictability of earnings and sets a very positive tone for a year that we believe has more positive catalysts to come," Berenberg said.
The broker expects a continuation of positive momentum in the PIC division, as well as benefits from the company's 'Value Acceleration Programme' (operational efficiency initiative) to help drive further margin gains in the ABS (dairy/beef) division.
It also highlighted the company joint venture in China, and sexed semen technology, which offer growth opportunities, as well as the potential commercialisation of the PRRS Resistant Pig gene edit, which could be approved this year in core regions of Canada, Mexico and Japan.
Genus shares were up 7% at 2,815p by 1402 GMT.
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