Intertek: Credit Suisse upgrades stock; ups target.
(CercleFinance.com) - Credit Suisse has upgraded British testing firm Intertek to "neutral" from "underperform" and has raised its target price to 4,520 pence from 3,500 pence, with the analyst covering the stock increasing earnings estimates.
"While recovery in the resources markets is muted the geopolitical risks to global trade have moderated and the company has proved the efficacy of its strategy to drive margin accretive (and cash-generative) growth", said Credit Suisse in a note.
The analyst says margins should continue to rise and points out that the company's balance sheet holds the potential for further value creative acquisitions, prompting him to take a "less cautious view."
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