Frontier Dev Share News (FDEV)

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Share Price Information for Frontier Dev (FDEV)

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476.00 -12.00 (-2.46%)

Bid:

477.00

Ask:

480.50

Spread: 3.50 (0.734%)

Market Cap: £165.33m

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ShoreCap spies 'interesting entry price' into Frontier Developments, upgrades

Wed, 04th Jan 2023 13:35

(Sharecast News) - Analysts at ShoreCap upgraded their recommendation for shares of Frontier Developments from 'hold' to 'buy', telling clients that they were anticipating record sales over the 2023 financial year and a step-change in profitability.

Their new recommendation, they pointed out, also followed a downdraft that had seen the shares drop from about 1,400.0p in November to "just" 960.0p.

To them, that marked a "notable" discount to their favir value estimate of 1,350.0p - which was unchanged - and to its historical metrics " despite a larger profile of titles and an arguably more sophisticated model".

They were also anticipating improving margins and cash generation across their forecasted period which stretched out to FY2025.