(Sharecast News) - Double glazing group Safestyle rallied on Thursday as Liberum upped its price target on the buy-rated stock to 94p from 80p, pointing to the fact that competitor SafeGlaze has gone into administration."We believe that Safestyle is well placed to see an acceleration in its recovery now that SafeGlaze, the aggressive new entrant, has been placed into administration," the brokerage said."We believe that SafeGlaze reached annual turnover of around £30m, almost entirely by disrupting Safestyle, and there is an opportunity for Safestyle to recover the lion's share of this as direct and indirect employees return."Liberum also highlighted the company's new banking facility and recent CEO share purchase as positive developments."We leave estimates unchanged for now while we wait to understand how many employees return to Safestyle," it said.Back in February, Safestyle issued a profit warning as it cited the activities of "an aggressive new market entrant", which turned out to be SafeGlaze. It said at the time that SafeGlaze - which started trading at the end of January - had added to an already competitive landscape and hit certain areas of the group's operations.Bradford-based Niamac Developments, which was trading as SafeGlaze, went into administration on Tuesday, just weeks after settling a legal battle with Safestyle for alleged "trade mark infringement, passing off, misuse of confidential information and malicious falsehood" among other things.As part of the settlement, SafeGlaze had agreed to change its trading name and fully re-brand.At 1430 GMT, Safestyle shares were up 7.8% 86.26p
