Deutsche Bank raises target price on Ashtead

Analysts at Deutsche Bank raised their target price on equipment rental company Ashtead from 4,000.0p to 4,460.0p on Thursday but said it was "still uncertain" on the stock.

Deutsche Bank said Ashtead's first quarter results were "positive" and reflected the fact that the firm's corner of the market remained "good", as well as its own execution.

The German bank believes this will likely continue until the first half of 2023 but updated its earnings forecasts to reflect weakness in 2024 and 2025.

Deutsche Bank also reiterated its 'hold' rating on Ashtead's shares.

Reporting by Iain Gilbert at Sharecast.com