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Elis: Berenberg increases TP further

(CercleFinance.com) - On Thursday, Berenberg confirmed its buy recommendation on Elis shares, while raising its target price for the stock again, from E24.
5 to E26.

The analyst believes that the industrial laundry group is heading for another year of profitable growth this year, with organic growth expected to be around 5%, accompanied by an increase in margins.

The broker says that there is good visibility regarding these prospects, as the hygiene specialist reiterated this week from Madrid, where Berenberg is currently holding a seminar.

The analyst adds that Q1 sales, as announced last week, confirmed that the group was well on track to achieving its annual targets.

More generally, Berenberg says that it appreciates the stock for its defensive characteristics and its resistance to economic ups and downs.

In view of the quality on offer, it believes that the stock is still too cheap, even after its rise of around 20% since the start of the year, the broker concludes.


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