Heijmans up after ING lifts PT by 11% on 'very solid' Q3
01/11/2024 09:31
** Shares in Dutch construction services company Heijmans
HEIJ.AS rise 5.5% after ING raises its PT by 11% to 31.25
euros citing a "very solid" Q3 performance
** "A very solid operating performance displayed by all
three business clusters," ING analyst Tijs Hollestelle says in a
research note, sticking to the "buy" rating
** He expects gradual improvement in the Connect and Working
divisions' business mix and cyclical recovery in the Living unit
to bolster Heijmans' operating margins in coming years
** He adds Heijmans can return to a net cash position in
2025, a year earlier than previously expected
** "Our confidence regarding Heijmans' 2027 targets also
increases," Hollestelle says
** The Heijmans shares closed broadly flat on Thursday
following the publication of the Q3 update
** The stock has more than doubled in price since the start
of 2024
(Reporting by Dimitri Rhodes)
((Dimitri.Rhodes@thomsonreuters.com;))