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Cantor Fitzgerald upgrade to 'buy' helps conduct Symphony Environmental's shares higher

In a note to clients, the broker’s analysts also hiked their target price for the AIM-listed group to 11.5p from 6.75p having raised their estimates to reflect recent 2016 results

Plastic bags
In morning trading, Symphony shares were nearly 4.5%, or 0.375p higher at 8.75p

Cantor Fitzgerald gave a lift to Symphony Environmental Technologies plc (LON:SYM) this morning, with the broker moving its stance on the stock up to ‘buy’ after recent full-year results, having had it under review.

In early morning trading, Symphony shares were nearly 4.5%, or 0.375p higher at 8.75p.

In a note to clients, the broker’s analysts also hiked their target price for the AIM-listed group to 11.5p from 6.75p having raised their estimates to reflect the 2016 results.

The analysts pointed out that Symphony’s full-year 2016 results “were ahead of our expectations due to better than expected revenue growth and the impact of material cost savings.”

They added: “This is good news but with profitability still at a very low level it is not the main argument for investing.”

The analysts said: “Recent announcements of product launches incorporating Symphony’s d2p additives are likely to be far more significant in the long term since they mark the beginning of the commercialisation process for a wide range of products in which the company has invested heavily.

“We have revised our forecasts upwards for this year and next but the outturn will depend on the progress of d2p commercialisation.”

Key launches …

Last month, the ‘smart plastics’ firm announced that it has launched a range of water pipes incorporating its d2p antimicrobial technology in Pakistan.

The pipes, which are designed to be free from harmful bacteria and fungi, as being launched in partnership with Pakistan-listed firm Dadex Eternit Ltd, with a joint sales team formed to market the product.

Meanwhile, the group also recently picked up its first order for its d2p anti-microbial plastics range with Wilko stores in the UK to stock its new anti-microbial household gloves.

Quick facts: Symphony Environmental Technologies PLC

Price: 13.25 GBX

AIM:SYM
Market: AIM
Market Cap: £22.53 m
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