UK's Spirax Group falls on JP Morgan downgrade

Spirax

06/12/2024 08:46

** Shares of Spirax Group Plc  SPX.L  fall as much as 2.8%
to 7,285p
    ** JP Morgan analysts downgrade the British maker of steam
management systems and peristaltic pumps and associated fluid
path technologies to "neutral" rating from "overweight"
    ** JPM cuts target price to 7,800p from 9,300p
    ** JPM analysts say there could be further downgrades to
FY25 forecasts in the near term, as margin expectations are
reset 
    ** Brokerage says Steam Thermal Solutions China is likely to
remain a headwind for Spirax
    ** Four of 18 analysts rate SPX "buy" or higher, 12 "hold"
and 2 "sell" or lower; median PT 8,000p – LSEG data
    ** Currently stock at session low, pushing YTD losses to
~31%

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))