(CercleFinance.com) – The stock ended the session up more than 1%. Barclays reaffirms its ‘overweight’ recommendation on Compass ‘with great conviction’ and raises its price target from £17.40 to £20, seeing the group emerge from Covid ‘better, not worse, and therefore deserving of a premium of valuation rather than a discount’.
“We are increasingly convinced that there is significant upside risk to the consensus coming largely from faster net new business growth, but also helped by volume and comparable pricing,” says the broker.
Barclays raises its 2024 forecast by 10%, leaving it about 10% above consensus, but still at the bottom of the potential range of 20-25% above 2019 earnings indicated by management during its recent roadshow.
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