Berenberg hikes target price on Ashtead

Berenberg stated that Sunbelt 3.0 was Ashtead's "bold plan" to drive growth and take market share over the next three years.

While the analysts said the move was "ambitious", it also noted that history had proven that the company was "eminently capable" of meeting, and "usually exceeding", its targets.

"Management has set out encouraging growth targets over the next few years, and the roadmap centres on driving higher market share and capturing the fruits of growing rental penetration, particularly in the speciality rental business," said Berenberg, which also reiterated its 'hold' rating on the stock.

The German bank said the strategy was "promising", but also noted that the 35% year-to-date share price performance reflected "a lot of the excitement" already.