Berenberg lifts Genuit price target

Berenberg lifted its price target on Genuit on Friday after the company upped its annual earnings expectations a day earlier.

In a statement on Thursday, Genuit said year-to-date trading was in line with expectations but, given progress on margins, management increased full-year guidance for adjusted EBIT to be "slightly ahead" of consensus.

"Ultimately, while end-markets remain tough, we view this statement as some initial evidence that the group is starting to deliver some of the targets talked about at its November 2022 capital markets day (CMD), specifically on cost, efficiency and margin delivery," Berenberg said.

"Shares responded well, up 14% on the day. As such, we increase our FY23 numbers by circa 4% and our price target to 400p, and retain our ‘buy’ rating."

Berenberg previously had a price target of 370p on the stock.