Computacenter PLC (LSE:CCC) shares fell on Tuesday, even as the technology reseller raised profit guidance and Jefferies increased its price target.
Around midday, the shares traded at 5,270p, down 6%, while Jefferies maintained 'buy' and Panmure kept 'hold' with a 4,080p target.
On guidance, Panmure said the reseller expects adjusted pretax profit of at least £380 million for financial year 2026, against company-compiled consensus of about £341 million.
Following the update, Jefferies raised earnings per share forecasts for financial year 2026 by 18% and financial year 2027 by 16%, lifting its target from 5,300p to 6,500p.
For the first half, Panmure reported adjusted pretax profit of £152 million, slightly below its £155 million forecast, reflecting earlier recognition of German costs scheduled for the second half.
Similarly, Jefferies attributed the £3 million shortfall against its own £155 million estimate to cost phasing, which the broker expects to unwind in the second half.
Operationally, Panmure said North American gross profit rose 77.3% in constant currency, with the region contributing more than 60% of group adjusted operating profit.
Behind this growth, Panmure cited hyperscale, neocloud and enterprise customers, while attributing lower group gross margin mainly to rapid, lower-margin Technology Sourcing expansion in North America and the UK.
On the balance sheet, Panmure reported adjusted net funds of £308.7 million.
Turning to demand, Jefferies highlighted a £9.3 billion order book, against about £7 billion at the end of financial year 2025 and £2 billion a year earlier.
Beyond June, Jefferies said the order book continued growing, and the reseller made a strong second-half start, with committed order momentum supporting the upgraded outlook.
Looking ahead, Jefferies identified new large customer wins and signs of margin improvement in North America as potential catalysts.
