Spie: Berenberg raises target price
(CercleFinance.com) - On Wednesday Berenberg raised its target price for Spie shares from 32 euros to 33 euros, while renewing its buy recommendation on the stock.
The broker said that the engineering group's latest results highlight the solid organic growth it was able to generate in Q3, as well as the second consecutive increase of its annual targets.
The resilience of its profitability - despite wage cost inflation - reassures analysts, and the disposal of the underperforming UK business is another plus point, they say.
According to Berenberg, the only disappointment in the release came from the announcement that the company had reduced its target acquisitions this year.
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