UK's Johnson Matthey jumps as Jefferies upgrades to 'buy'

Standard Industries

04/05/2022 09:40

** Jefferies upgrades British chemicals firm  JMAT.L  to
"buy" from "hold" and raises PT to 2600p from 2100p
    ** Shares up 2.7% at 2282p; among top gainers on UK mid-cap
index  .FTMC 
    ** Says activist investor Standard Industries revealing
5.23% stake in JMAT represents an important catalyst
    ** Investment arm of New York-based industrial firm Standard
Industries took a 5.23% stake in co  urn:newsml:reuters.com:*:nL3N2WR1QV
    ** "A positive equity story can be built around shareholder
returns and leveraging growth from its high-return hydrogen
growth opportunities" - Jefferies
    ** Five of 19 brokerages rate the stock "buy" or higher, ten
"hold" and four "sell" or lower; their median PT is 2250p -
Refinitiv
    ** JMAT shares rose 11% YTD

 (Reporting by Subhadeep Chakravarty in Bengaluru)
 ((subhadeep.chakravarty@thomsonreuters.com))