Barclays starts Morgan Advanced Materials at ‘overweight’
Morgan Advanced Materials
261.00p
15:44 22/11/24
1.36%
3.50p
Barclays initiated coverage of Morgan Advanced Materials on Friday with an ‘overweight’ rating and 365p price target.
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"We think improving end-market exposure will drive higher through-cycle growth for MGAM, with the group EBITA margin expanding to mid-teens and a new peak," it said.
The bank noted that focused M&A is on the agenda, but said it also sees scope for a supportive capital return, while longer term further portfolio rationalisation could drive multiple expansion.