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Broker snap: Confident outlook at Electrocomponents

Fri, 27th May 2011 12:32

Full-year results at Electrocomponents were in line, according to Peel Hunt, who raises its target price from 295p to 315p to reflect a confident outlook and expectation of continuing outperformance.The electronics and maintenance products supplier reported headline pre-tax profit ahead of the broker's estimates for the year ended 31 March. Current trading is said to be strong, with underlying sales 16% ahead of the prior year.Return on sales grew by 2% year-on-year to 10.1% and Peel Hunt anticipates further margin progression for the year ending 2012."Whilst there is nothing in these numbers that we feel will drive the shares materially higher in the short term, we think this remains a stock to 'buy'," said analyst Henry Carver.---BC