Balfour Beatty plc (LSE:BBY) is expected to see a continuation of strong demand in its infrastructure business into 2023, according to analysts at Jefferies, who rate the construction firm as a ‘buy’.
The bank's analysts, in a note, said that Balfour Beatty's strong cash conversion rate of approximately 100% and mix of projects will drive profit estimates 6% higher than consensus, reaching £200mln in 2023.
The Jefferies analysts have a price target of 400p for Balfour Beatty, which would represent 19% upside from the company's current share price of 339.4p.