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TT Electronics upgraded by Canaccord

24 August 2016 13:39

Canaccord Genuity has upgraded its recommendation on TT Electronics (LON:TTG) to 'buy' from 'hold', highlighting that the company is just over three years into its self-help story and momentum is building.

Canaccord said: "The H116 interim results (11th August) announced strong progress across the Group and we have become increasingly confident in the company's ability to deliver its target of "sustainable, profitable growth in the medium term"."

Analysts have raised their price target to 180 pence a share (from 165 pence).

The broker added: "At our 180p target the shares would trade on a FY17 P/E of 15x (broadly in line with UK peers, 14.6x) and FY17 EV/EBITDA of 6.9x. A c.4% dividend yield (one of the highest in the sector) is also attractive."

At 1:39pm: (LON:TTG) TT Electronics PLC share price was +5p at 151p

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