There was a slew of minor upgrades for Ferguson PLC (LSE:FERG), the building supplies group, in the wake of its autumn trading statement.
Barclays Capital nudged up its 2022 earnings per share forecast by 9%, and its price target 5% to £130. Deutsche increased its valuation to £132.60 from £126.40, while JP Morgan raised its target to £147 from £133.
“We see the business as well-positioned to take share consistently in the future,” Barclays said in a short note to clients.
UBS said a very strong first quarter meant that consensus forecasts for the current year are likely to move 10% higher.
Of the 23 banks and brokers covering Ferguson, 10 are positive, while a further 10 are neutral; the remainder are negative on shares in the group.
Shares in the plumbing and heating supplier jumped by around 5% on Tuesday after it boosted revenue expectations on the back of strong autumn trading. It said operating profits in the three months to the end of October were up 64% to £578mln, boosted by fatter margins.