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Citi hikes Victrex price target after guidance upgrade

Fri 11 Sep 2026 14:22

(Sharecast News) - Citi hiked its price target on Victrex on Friday to 1,000p from 700p as it updated its model following the company's FY26 pre-close trading update. On Wednesday, Victrex lifted its full‑year profit guidance as it said strong trading momentum continued into the final quarter. The company said it now expects underlying pre-tax profits of £45m to £47m for FY26, up from previous guidance for £42m to £44m.

Citi said growth was broad-based across most end-markets, led by Aerospace supported by higher aircraft build rates, alongside continued strength in Electronics driven by semiconductor demand and VARs.

"Regionally, APAC was a bright spot, with especially strong performance in China," it noted, adding that Automotive and Medical remained comparatively modest.

Reflecting the stronger-than-expected trading performance and improved earnings outlook, Citi increased its FY26 underlying pre-tax profit estimate to £46m from £44m, in line with the midpoint of upgraded guidance. The bank also lifted its FY27 forecast, to £54m from £50m, assuming continued volume growth across key end markets and ongoing cost-saving initiatives.

"While the macroeconomic backdrop remains uncertain, the upgraded guidance provides further evidence that trading conditions are improving across the portfolio," said Citi, which maintained its 'neutral' rating.

At 1420 BST, the shares were down 3.4% at 964.0p.

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