Jefferies analyst Vanessa Jeffriess maintained a Buy rating on Victrex today and set a price target of p1,060.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Vanessa Jeffriess’s rating is based on a combination of factors that highlight both challenges and opportunities for Victrex. Despite the recent leadership change with the CEO stepping down, which was not unexpected, the company’s valuation remains attractive. Although the Medical segment’s performance has been below expectations, impacting overall group ASPs, the management has maintained its high single-digit sales growth guidance.
While there are headwinds such as foreign exchange fluctuations, challenges in China, and underperformance in the Medical segment, the trading update shows some positive signs. Sales in Sustainable Solutions, Energy & Industrial, and VARs have shown growth, and the Aerospace and Automotive sectors remain stable. These factors, combined with the company’s supportive valuation, contribute to the Buy rating given by Vanessa Jeffriess.
In another report released on July 3, Barclays also maintained a Buy rating on the stock with a £10.80 price target.