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Pace upgraded by Liberum Capital

31 March 2015 14:19

Equity research analysts at Liberum Capital have upgraded their investment rating on Pace (LON:PIC) to 'buy' from 'hold', following the recent share price weakness, stating that the discount the shares trade at to its closest peer, Arris, is unjustified.

The shares are down 5 per cent in the past month, despite gaining 3 per cent by early afternoon.

The broker has left its target price unchanged at 390 pence per share and added: "Pace's current valuation (12% FCF yield, 8x P/E, 0.54x EV/Sales for 9% margin) implies that the business does not have a long term future.

"While it is unlikely to see rapid top-line growth we believe it has a sustainable future."

At 2:19pm: (LON:PIC) Pace PLC share price was +8.5p at 345.5p

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