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DiscoverIE's price target raised to 450p

Published: 21:59 04 Jan 2018 AEDT

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The broker says it now views the future of DiscoveIE with increased confidence

Peel Hunt has reiterated its ‘buy’ recommendation for DiscoverIE Group PLC (LON:DSCV), the company formerly known as Acal.

The interim results in November sent the shares on a good run and they currently trade at 377.5p, above Peel Hunt’s price target of 360p.

READ: Acal building momentum with its higher margin strategy

Rather than switch to a ‘hold’ recommendation, the broker has increased its price target to 450p, reflecting the fact that with the arrival of a new year it has rolled its forecasts forward a year for valuation purposes.

The broker says it now views the future of DiscoveIE with increased confidence, both in terms of organic growth and the group’s buy-and-build strategy.

discoverIE enjoys year of 'good progress' with strong organic growth

Nick Jefferies, chief executive of discoverIE Group plc (LON:DSCV), caught up with Proactive Investors to chat through their results for the year to the end of March 31 2018. Profits more than trebled in the period as the customised electronics supplier and manufacturer reaped the rewards...

on 5/6/18