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UK Mail upgraded by Investec

06 October 2015 13:37

Investec has upgraded its recommendation on UK Mail (LON:UKM) to buy from add on the back of the group's pre-close trading update.

The broker said: "UK Mail has reported a pre-close trading update that whilst in line with management's expectations, shows that volume growth in both letters and parcels has accelerated since August's trading statement.

"The level of revenue growth is higher than we anticipated and we therefore raise our turnover forecasts, but leave all other estimates unchanged."

Analysts have left their target unchanged at 485 pence a share, implying a forecast total return of 38.8 per cent.

At 1:37pm: (LON:UKM) UK Mail Group PLC share price was +32p at 394p

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