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JP Morgan labels Melrose a top pick for 2024
(Sharecast News) - JP Morgan has placed Melrose on 'positive catalyst watch' ahead of the British manufacturing group's full-year results, saying it expects "good news to keep coming". The bank labelled the stock a top pick for 2024, helping shares higher on Monday - 1.7% at 566.8p on the day.
"Given the momentum in the business seen through 2023, we expect Melrose to meet the top-end of the 2023 guidance (at least) and raise the 2024 guidance to ahead of consensus expectations at the prelims," JP Morgan said ahead of the results due on 7 March.
In November, the company upped its adjusted operating profit estimates by 7% to £400-410m, as a result of a stronger improvement in underlying margins.
"Melrose remains a key pick for us in 2024: an aerospace pure-play with a credible margin story, further upside to forecasts and a sizeable buy-back supporting the shares," JP Morgan said.
The bank has a 620p target price for the stock.
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