Deutsche Bank raises target price on Genuit

Analysts at Deutsche Bank raised their target price on plastic piping manufacturer Genuit from 653.0p to 708.0p on Wednesday, citing the group's "strong" first-half performance.

Deutsche Bank pointed to Genuit's adjusted interim operating profit of £48.6m, eclipsing its 2019 first-half performance by roughly 24% as it primary reason for the upgrade but also noted that the company appeared to be continuing to trade well, prompting a rise in management's expectations for the full year.

"We raise our 2021-2023E operating profit forecasts by 4-7% and our target price by circa 8%," said the German bank, which also reiterated its 'buy' rating on the stock.

"The company remains a strong performer, with recent acquisitions operating at or above expectations (three in February alone indicative of a team that does not let the grass grow under its feet)."