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Investing.com - RBC Capital raised its price target on Bodycote Plc. (LON:BOY) (OTC:BYPLF) to GBP7.75 from GBP6.50 while maintaining an Outperform rating on the stock.
The price target increase follows Bodycote’s solid first-half update and full-year outlook, according to RBC Capital’s research note.
RBC Capital noted that Bodycote’s restructuring efforts are progressing ahead of expectations, as is the company’s footprint rationalization initiative.
The research firm observed that Bodycote’s end markets have stabilized in recent months, with some sequential improvement expected in the second half of the year.
RBC Capital views Bodycote’s valuation as "highly attractive," citing a price-to-earnings ratio of 14x for 2025 estimates and 12x for 2026 estimates for a business approaching 20% operating margins.
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