Panmure upgrades sub-'score' Aveva

9th Apr 2014 09:12

An enthusiastic note from Panmure Gordon on Aveva pointed out that it is the first time since October 2012 when the software company's share price has been below 'a score' (£20) and hence the first time since October 2011 when the broker will put a 'buy' recommendation on the shares. "OMG you can get Aveva shares for under £20 - when did that happen last?" asked an incredulous analyst George O'Connor. To be sure, he admitted, there were "a few wrinkles" in the third quarter trading update and the shares "are not the cheapest", trading on a price earnings ratio of 23.6 times, but he upgraded from 'hold' due to a strengthening operational backdrop and the potential upside from E3D plant design product.OH