DCC plc initiated with a Buy at Stifel

Stifel initiated coverage of DCC plc with a Buy rating and 7,000 GBp price target. The company’s “exceptional” capital allocation balancing acquisitions and an “unbroken” record of dividend growth has been a key driver of value creation, the analyst tells investors in a research note. The firm believes this can be ongoing given DCC’s balance sheet strength, free cash flow generation and experienced management team.