Broker snap: Jefferies remains a buyer of Weir

19th Jun 2012 11:09

Jefferies has reiterated its 'buy' recommendation and 2,185p target price for engineering giant Weir Group, saying that consensus upgrades are in order following Tuesday's Capital Markets Day.In a brief statement that highlight the presentations given to investors, Weir reconfirmed its full-year guidance. Jefferies said that this implies a pre-tax profit of £470m, which would see Bloomberg consensus figures raised by 4%. "This will be taken well by the market, as a lot of bad news is priced in at the moment." said analyst Andy Douglas."We anticipate a very bullish set of presentations from management, and great confidence over the outlook for the Minerals division (we assume this will be over the medium/long term)," he said.The stock was trading 4.8% higher at 1,506p by 10:16. BC