HSBC analyst Joseph Thomas upgraded FirstGroup to Buy from Hold with a price target of 155 GBp, up from 120 GBp. The firm says that full year results update signals strong trading performance in both bus and rail, with the composition of earnings improving. Cash flows depressed by high capex, but this is temporary and underlying analysis presents a more favorable picture, HSBC adds, also pointing out that shares look cheap on FY25 earnings.
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Published first on TheFly