MARKET TALK: Citigroup Raises Bodycote Price Target

12th Jul 2010 10:39

0939 GMT [Dow Jones] Citigroup raises Bodycote (BOY.LN) price target to 180p from 160p following the company's positive trading update. It notes the update highlights that FY'10 Ebit is expected to be significantly above the top of the current range. The brokerage raises its '10 EPS estimate to 13.4p from 10.5p and '11 EPS estimate to 19.9p from 19.5p. Nevertheless, it reckons the positive update is already in the valuation, adding that normal seasonal weakness is likely to impact 2H'10. Keeps at sell. Shares -0.5% at 217p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 12, 2010 05:39 ET (09:39 GMT)