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RBC Capital lifts Bodycote price target, reiterates 'overweight'
(Sharecast News) - RBC Capital Markets lifted its price target on Bodycote on Thursday to 775p from 650p and reiterated its 'outperform' rating following the company's results a day earlier. The bank said Bodycote reported a solid first-half update and full-year outlook.
"Restructuring is moving ahead of expectations, as is footprint rationalisation," RBC said. "End markets have stabilised in recent months and some sequential uplift is expected in H2."
It argued that a price-to-earnings of 14x 25E/12x 26E for a business approaching 20% operating margins remains "highly attractive".
RBC said it was making limited forecast changes mainly around FX and restructuring/site rationalisation.
It lifted its price target as it updated its target multiple to 15x - in line with the Bodycote 10-year average - and rolled forward its base year to 2026.
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