Barclays raises target price on Ibstock

Analysts at Barclays sounded a positive note on Ibstock following the full placement of Bain Capital's share, raising their target price on the stock.

The company is in growth mode, with supportive market data and ongoing expansion projects on track, and its financial management is sound.

As regards the latter point, they highlight the fact that the uncertainty around its UK pension scheme has lifted and refinancing is in place.

On average, the broker lifted its estimates for the company's EBITDA and EPS between 2017 and 2019 by 6%.

"With good visibility and easy comps in H1-17, combined with low consensus expectations, there is room for upgrade in our view. Valuation remains uniquely attractive."

Barclays reiterated an 'Overweight' recommendation on the shares, while raising its target priceto 245p.