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UBS upgrades 3i to 'buy', highlights sustainable growth at Action
(Sharecast News) - UBS upgraded 3i Group on Thursday to 'buy' from 'neutral' and lifted the price target to 4,700p from 4,450p, highlighting sustainable growth at Action. It noted that 3i largely trades as a proxy for Dutch retailer Action, which is its largest portfolio asset at more than 70%.
"Action is a compounding growth discount retail business," UBS said.
"We previously downgraded to neutral due to concerns the market would apply a discount valuation as Action's growth slowed from unusually high levels.
"We see the slowdown now coming to an end, and 3i at an attractive valuation offering access to sustainable Action growth."
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