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Oxford Instruments upgraded by Numis

27 April 2017 15:29

Numis has moved to an outright buy position on Oxford Instruments (LON:OXIG) - previously rated as add - following news of the sale of its Industrial Analysis business to Hitachi.

The broker said: "The sale of the Industrial Analysis business to Hitachi for £80m is a further positive step in focusing the group around high margin niches in nanotechonlogy where it has strong market positions and good margin potential."

It added: "Now that the group should display mid-teen margins in-line with peers and with attractive strategic positioning, the substantial valuation discount becomes apparent."

Target price increased to 1,220p per share.

Meanwhile, JP Morgan Cazenove repeated its overweight recommendation and 930p target, saying it sees the transaction as a significant positive for the group.

At 3:29pm: (LON:OXIG) Oxford Instruments PLC share price was +1.75p at 949.25p

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