Andrew Douglas, an analyst from Jefferies, maintained the Buy rating on IMI plc (IMI – Research Report). The associated price target remains the same with p2,315.00.
Andrew Douglas has given his Buy rating due to a combination of factors including IMI plc’s financial performance and strategic initiatives. The company’s fiscal year 2024 preliminary results align with expectations, with automation slightly outperforming and life technology slightly underperforming, which was anticipated. Additionally, management’s announcement of a significant £200 million share buyback, following a previous £100 million buyback, reflects strong cash generation prospects for the upcoming years.
Furthermore, despite a recent cybersecurity incident, the company has resumed normal operations with only a minor impact anticipated. Management’s guidance for fiscal year 2025 earnings per share is in line with consensus estimates, and they have slightly increased their EBITA margin target. The consistent execution of strategies, attractive share valuation, and compelling equity story contribute to the positive outlook, justifying the Buy rating.
In another report released on February 20, Kepler Capital also maintained a Buy rating on the stock with a p2,290.00 price target.