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Investing.com - Berenberg has raised its price target on Serco Group Plc. (LON:SRP) (OTC:SECCF) to GBP3.00 from GBP2.70 while maintaining a Buy rating on the stock.
The research firm cited Serco ’s strong start to the year, noting the company confirmed strong delivery performance at its interim results on August 6, with positive organic revenue growth, good margin performance and robust cash generation.
Serco added £3.2 billion of contract awards with a high defense weighting, alongside strong client retention, according to Berenberg’s analysis of the company’s performance.
The company has also replenished its pipeline of opportunities with a record pipeline of £11.9 billion, which Berenberg notes underpins Serco’s medium-term growth ambitions.
Berenberg highlighted that Serco’s balance sheet remains robust, and in line with the company’s strategy to return surplus cash to shareholders, Serco has announced a £50 million buyback program.
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