Deutsche Bank has upgraded Luceco (LUCEL.L) to 'buy' from 'hold', raising its price target to 270p from 260p.
Analyst Kevin Fogarty said interim results, due on September 22, should confirm that strong growth dynamics continued through the first half of the financial year.
He expects first-half revenue of around £143 million, up 13% year on year.
That reflects an acceleration in growth to roughly 15% in the second quarter, from 11% in the first.
Core products revenue is forecast to have grown by about 6% over the six months, while revenue from Luceco's Energy Transition division is expected to have jumped by around 120%.
Fogarty pencilled in adjusted earnings before interest and tax of about £15.8 million for the first half, a rise of 14% year on year.
That figure implies a first-half to second-half earnings split of roughly 39% to 61% for the full financial year, based on Deutsche Bank's forecasts.
That compares with a three-year average split of about 43% to 57%.
Fogarty said any signs that second-half expectations are being de-risked would likely support both the valuation rating and the share price.
The upgrade points to growing analyst confidence that Luceco's push into energy transition products is translating into tangible earnings momentum, rather than remaining a smaller side bet within the group's core electrical accessories business.
