(Sharecast News) - Analysts at Bank of America reiterated their 'buy' rating and 740.0p target price for shares of British publishing and business intelligence outfit Informa.
Heading into the group's 28 July first half results, they said industry news-flow pointed to solid reopening momentum in events, tentative movement on easing lockdowns in China and a number of tailwinds as far as the 2023 outlook was concerned.
They also cited valuation, arguing that on a calendar year enterprise-value-to-earnings before interest, taxes, depreciation and amortisation of eight times' the shares were "adequately" pricing in the risks.
Other reasons cited for their bullishness included the publisher's pursuit of a re-rating through digital events, growth via global re-opening and optionality in terms of potential mergers and acquisitions or shareholder returns thanks to a strengthened balance sheet.
Informa was also on BofA's "What's big in SMID" list of top ideas.