Oxford Nanopore Technologies PLC (LSE:ONT) shares jumped after Citi hiked its estimates and share price target after strong interim results last month from the DNA and RNA testing group.
The US bank reiterated its 'buy' rating and upped its price target to 240p from 180p.
increased its 2025 constant currency growth by roughly 250 basis points to 22.5%, compared to the current analyst consensus of around 21.6%, following new guidance of 20-23% and the better-than-expected top-line results.
Growth estimates for 2026 remain largely unchanged, though.
Citi now expects 2025 revenues of £219 million as it marks to market for forex swings.
"Gross profit estimates are 2-4% higher through the forecast period, as we see better underlying improvement given ongoing manufacturing automation and pricing benefit from the switch to capex model and consumable price list update earlier this year," the bank's analyst wrote in a note to clients.
They pointed out that first-half gross margin, excluding inventory one-offs, was greater than 60%.
"We continue to see the long-term growth outlook as intact, given increased focus in applied / biopharma / clinical markets."