Broker snap: Weir's target price upped on guidance

4th May 2011 11:52

Peel Hunt has raised its target price for engineer Weir following the group's upgrade to full year profit guidance announced on Wednesday.The statement reported record order intake for Minerals and Oil & Gas, with the latter being boosted by continued high level of shale gas activity in North America. Order input increased by 39% on last year (+30% on a like-for-like basis)."Consequently, management has raised its full-year pre-tax profit guidance by £20m," notes the broker.Peel Hunt increases its target price to 1,900p, from 1,800p, to reflect the upgrade, but maintain its 'hold' recommendation.---BC