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MITIE upgraded by Liberum

27 July 2017 15:03

Liberum Capital has upgraded its recommendation on MITIE (LON:MTO) to buy from hold, on the back of the management services group's AGM statement and following the recent share price weakness.

The broker said that it was encouraged by the Groups contract wins and single digit order book growth, year-on-year.

"Our view is that Phil Bentley will succeed with his transformation, and after the recent share price fall, a CY P/E of 13.6x is now attractive, noting that there is still too much leverage (including £68m of capitalised leases) and reducing factoring will take time," Liberum added.

Analysts left their target price unchanged at 300 pence per share.

Separately, Peel Hunt upgraded its stock call to hold from sell and increased its target price to 253 pence from 175 pence.

At 3:03pm: (LON:MTO) MITIE Group PLC share price was +14.25p at 274.25p

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