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RBC Capital lifts Compass Group to 'outperform'
(Sharecast News) - RBC Capital Markets upgraded Compass Group on Monday to 'outperform' from 'sector perform' and lifted the price target to 2,775p from 2,700p. It said stock's relative performance pullback creates a good entry point for "a high-quality compounder" with less than 15% share of its total addressable market and significant advantages over the majority of direct and indirect competitors.
"We see swirling concerns around consumer spending pressures, AI disruption and the impact of GLP-1s as overdone and note the forward 12m price-to-earnings has fallen back in line with the adjusted 10-year average, putting the stock firmly into GARP territory," RBC said.
The bank also said the shares looks cheap versus comparable US Services compounders, bearing in mind that Compass generates almost 80% of EBIT in North America.
At 0945 GMT, the shares were down 1% at 2,349p.
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