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Berenberg lowers target price on XP Power
(Sharecast News) - Analysts at Berenberg lowered their target price on critical power control systems XP Power from 1,700p to 1,500p on Monday following the group's interim results earlier in the month. Berenberg noted that XP Power had delivered adjusted underlying earnings that were in line with its expectations, although it said revenue had declined in the period as channel destocking peaked in two of its three end-market segments.
"We are encouraged by XPP's commentary on 'clear signs' of end-market improvement, and by the increasing quarterly order intake and the book-to-bill going above 1x for the first time since H222," said Berenberg, which kept its 'buy' rating on the stock.
The German bank stated that while investor focus was "rightly" on FY26 and beyond, the £2.3m FX impact in H1 had pulled down its FY25 profit forecasts.
"We cautiously trim our FY26E assumptions, with our adjusted EPS declining 16% to 49.2p. Our price target decreases in line with EPS to 1,500p. We maintain our 'buy' recommendation with XPP's path to a profit recovery gaining visibility," added Berenberg.
Reporting by Iain Gilbert at Sharecast.com
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