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On The Beach shares rise on Numis upgrade

“With no changes to our fundamental view nor estimates and with now 37% upside to our unchanged price target, we upgrade to buy,” the analysts said

family on a beach
In morning trading, On The Beach shares jumped 7.6% to 520.0p.

On The Beach PLC (LON:OTB) shares jumped on Thursday as City broker Numis upgraded holiday group to ‘buy’ from ‘add’ and left its price target unchanged at 663p.

In a note to clients, analysts at Numis said although On The Beach shares have fallen by 25% since its interim results in May, they view this as an overreaction to the marginal earnings downgrade.

READ: Monarch collapse causes On The Beach to miss H1 forecasts despite 19% jump in revenue

The analysts said: “This may be due to largely unfounded concern over an increasingly competitive environment.”

“With no changes to our fundamental view nor estimates and with now 37% upside to our unchanged price target, we upgrade to buy,” the analysts concluded.

In morning trading, On The Beach shares jumped 7.6% to 520.0p.

 

Quick facts: On the Beach Group

Price: 299.5 GBX

LSE:OTB
Market: LSE
Market Cap: £471.3 m
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