UK's Bodycote rises as RBC upgrades to 'outperform'
15/10/2024 08:32
** Shares of thermal processing services provider Bodycote
BOY.L rise 1.95% at 574 pence
** RBC upgrades to "outperform" from "sector perform"
** Says growth in the engine after-market and higher
production expectations in 2025 likely to offset headwinds from
supply chain disruptions and strikes at Boeing BA.N
** However, brokerage cuts its 2024/2025 EPS forecasts for
co by 5-6%, citing "trading headwinds with pressures in auto,
aerospace & defence and general industrial"
** RBC cuts PT to 700 pence from 720 pence
** Brokerage expects a trough in general industrial demand
in the next six months
** 6 of 10 brokerages rate the stock "buy" or higher, 3
"hold" and 1 "sell" or lower; their median PT is 820 pence -LSEG
** At current levels, stock down 3.5% YTD
(Reporting by Kanchana Chakravarty in Bengaluru)
((Kanchana.Chakravarty@thomsonreuters.com))