IMI: Morgan Stanley moves target price from 1154p to 1192p, while downgrading to equal-weight.
13 Feb '13
IMI: UBS takes target price from 925p to 1000p downgrading from neutral to sell.
10 Dec '12
IMI: Alphavalue downgrades to reduce, while maintaining the target price at 1102.50p.
29 Nov '12
In its recent trading update, IMI said organic revenues growth in the year to date was 4% – or 6% including acquisitions and exchange rate movements. However, there was a slowdown in growth. There was no outlook for 2013 given in the statement. However, management said that second-half bookings momentum was similar to the first half at around 4%. This was down on last year on an organic basis, hit by lower activity in nuclear and IMI’s “more selective approach to new fossil power projects in India and China”. Some analysts trimmed estimates after the statement, but all in all the valuation is looking reasonable. The shares are trading on a 2013 earnings multiple of 11.7, falling to 10.7 in 2014. The prospective yield is 3.5% next year rising to 3.8%. The Telegraph’s Questor team last said to hold the stock when the shares were at 991p in March. Since then the shares have been as low as 780p before rallying back to the level seen in March. There are still major questions about the global economy in 2013, but IMI’s end markets should remain active, if not buoyant. However, the lack of clarity means that the shares must stay at a hold rating for now, Questor believes.
20 Nov '12
IMI: Morgan Stanley raises target price from 1123p to 1154p, overweight rating kept.
19 Nov '12
IMI: UBS raises target price from 850p to 925p, neutral rating kept.
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