Imerys: Berenberg raises TP
(CercleFinance.com) - Berenberg announced on Monday that it has raised its target price for Imerys shares from E40 to E45, maintaining its buy recommendation on them.
The broker believes that the market is significantly undervaluing the quartz mine that the group owns in the US, which it values at around E12 per share.
In its view, this joint venture, named 'The Quartz Corp' - equally controlled with Norsk Mineral - has demonstrated the continued strength of its business.
Berenberg expects Imerys to generate net income of E55m from the project in Q1, i.e. 67% of its net profit, compared with E21m in the same period last year.
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