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Investing.com - JPMorgan has raised its price target on IMI Plc. (LON:IMI) to GBP28.50 from GBP25.00 while maintaining an Overweight rating on the stock.
The firm cited improved performance under CEO Roy Twite, who has led the company since 2019, noting that IMI has largely closed performance gaps versus peers despite experiencing a relative derating in its valuation.
JPMorgan expects several upcoming catalysts to drive a potential rerating of the stock, including the Transport strategic review, improved cash generation, and more balanced earnings growth across the group.
The bank highlighted that several of IMI’s end markets appear to be bottoming out, which should help improve investor conviction in the company’s mid-term growth prospects.
JPMorgan has shifted to a sum-of-the-parts (SOTP) valuation methodology for IMI, which remains one of the firm’s top picks in the sector despite already outperforming UK Capital Goods by 13% year-to-date.
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