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Canaccord Genuity maintains 'buy' rating on James Fisher following H1 results
(Sharecast News) - Canaccord Genuity took a fresh look at oilfield services firm James Fisher and Sons on Tuesday after the group reported a solid first-half performance. James Fisher's H1 revenues of £192mn were broadly flat on the prior year, while underlying earnings of £33mn were up 5% year-on-year, and margins in the period were good, with defence in particular showing better progress and a sharply increased backlog.
The Canadian bank, which reiterated its 'buy' rating on the stock, also noted that trading for the year remains in line with existing expectations, and that James Fisher continues to make "good progress" in margins and preparing for growth.
"We are making minor adjustments to our forecasts, reflecting the update and outlook, which result in small upgrades to FY26E and beyond," said Canaccord Genuity. "We maintain our target price at 400p: we continue to see the potential for much improved margins at Fisher over the next few years."
Reporting by Iain Gilbert at Sharecast.com
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