Broker snap: Strong momentum at Aggreko, says Prime Markets

12th Apr 2012 10:59

Prime Markets has reiterated its buy recommendation for temporary power and temperature control solutions group Aggreko, impressed by the firm's strong start the year.Underlying group revenues as a whole increased by 21% in the three months to March 31st 2012, while reported turnover rose 18%. Underlying trading margins were slightly ahead of last year. "The sheer momentum currently behind Aggreko is so strong, that the trials and tribulations of the Eurozone and subsequent market crash have gone all but unnoticed," said Prime Markets' Richard Curr."With a very strong start to the year reported today, and expectations for strong growth for the year as a whole, seemingly nothing can stop the rise and rise of the Aggreko share price juggernaut," he said.Prime Markets expects the stock to hit its near-term target of 2,360p in the next week or so.Shares were trading 2.73% higher at 2,218p in mid-morning trade on Thursday.BC