Broker snap: Panmure ups Aggreko price target

18th Dec 2009 09:55

Full year results from temporary power supplier Aggreko look like coming in well ahead of Panmure Gordon's projections, but the broker is sticking with its neutral stance on the stock.The broker had predicted full year pre-tax profit (PTP) of £227.4m but now concedes the actual figure is likely to be bearer £245m. It has started crunching numbers on next year's figures and provisionally expects to bump up its top of the range pre-tax profit forecast of £199.9m to around £230m, 'suggesting new eps [earnings per share] in the region of 58.5p and a target price nearer 820p as a result.'With the shares trading at around 875p the price target suggests the shares remain a 'hold' at best, the broker said.