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Weir upgraded by JP Morgan

25 April 2017 15:35

JP Morgan Cazenove has upgraded its investment rating on oil and gas engineer Weir Group (LON:WEIR) to overweight (from neutral), which it says is on improving fracking-related demand.

The City heavyweight said: "While demand in Weir's two main end markets (oil & gas and mining equipment) has been improving for some months, the pace of improvement has been more dynamic than expected.

"Furthermore, companies that have already reported Q1 have surprised on the upside. Even though demand has been improving, we have remained cautious about price power in the nearterm and this may prove to be too conservative."

Analysts upped their price target to 2,175p from 1,800p.

At 3:35pm: (LON:WEIR) Weir Group PLC share price was +82.5p at 2085.5p

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