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Impressive H1 from Oxford Nanopore should allay investor concerns, says Berenberg
(Sharecast News) - Shares in Oxford Nanopore Technologies surged on Monday after the molecular tech group updated the market on a strong first-half performance, something which broker Berenberg says has "de-risked" the delivery of full-year guidance. Berenberg kept a 'buy' rating and 250p target price for the stock, which was up nearly 20% at 175.79p by 0937 BST.
ONT, which makes nanopore sequencing products, said in an update ahead of its interim results on 2 September that revenues are expected to be up 28% year-on-year at £105m, some 5% ahead of company-compiled consensus.
Despite the first-half beat, the company left full-year guidance unchanged, given tougher comparatives in the second half.
"However, we think that the performance in H1 somewhat de-risks delivery on full-year guidance and should allay some investor concerns regarding the macro uncertainties in the company's endmarkets, most notably in the US," the broker said.
Berenberg noted the "good progress" made by ONT across all end-markets and geographies, which makes it confident that the company will deliver on its full-year revenue guidance of 20-23% growth at constant currencies.
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