Weir Group PLC (LSE:WEIR) remains firmly in favour with Citi, which has lifted its price target from £30 to £31 and kept a “buy” rating after the engineering group’s half-year results.
The broker has raised its forecasts for adjusted earnings per share in 2025 and 2026 by 2% and 4% respectively, citing stronger margins and better-than-expected growth in Weir’s aftermarket business.
Citi said Weir “continues to execute well on its self-help journey,” with the expanding aftermarket operation benefiting from steady mining production and signs of new investment across the sector.
The bank argued that Weir’s shares still look undervalued given the company’s exposure to profitable aftermarket work and resilient margins, describing the group as “an appealing cyclical story alongside the structural valuation argument.”
The stock, up 12% year to date, was off 0.8% on Monday at £24.82.