Broker snap: Bullish Weir impresses KBC Peel

4th Aug 2009 10:53

Weir Group's prediction that it will achieve profits at the upper end of its previous guidance has cheered KBC Peel Hunt and the broker lifts its price target on the engineer to 690p from 550p.Weir's cheery outlook came as it posted a 12% rise in both pre-tax profits and revenues, helped by a strong performance from its power and industrial and minerals division, which offset weakness in its oil and gas arm.While noting that Weir has seen a decline in order output, KBC Peel, which has a 'buy' rating on the stock, sees this turning round soon, and consequently lifts its target price on the stock.