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Pin to quick picksWeir Group Share News (WEIR)

Share Price Information for Weir Group (WEIR)

London Stock Exchange
Share Price is delayed by 15 minutes
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Share Price: 2,014.00
Bid: 2,014.00
Ask: 2,018.00
Change: -46.00 (-2.23%)
Spread: 4.00 (0.199%)
Open: 2,068.00
High: 2,068.00
Low: 2,008.00
Prev. Close: 2,060.00
WEIR Live PriceLast checked at -

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JPMorgan upgrades Weir, cites good entry point

Thu, 19th Aug 2021 10:48

(Sharecast News) - JPMorgan Cazenove upgraded Weir Group to 'overweight' from 'neutral' on Thursday and lifted the price target 1,970p from 1,800p, citing a good entry point.
The bank said the pullback in the shares since the interims has renewed interest in the stock, with investors questioning whether this is a buying opportunity.

"Weir is the highest quality asset amongst the downstream mining peers, with still to recover late-cycle exposure to a fundamentally attractive end-market," it said.

JPM noted the shares have underperformed the sector by around 35% year-to-date and trade at a 25% discount on one-year forward price-to-earnings versus 10% historically, despite the sale of Oil & Gas.

"We would expect the stock to re-rate, closing this discount, as the later cycle recovery drives strong order and earnings growth over the medium term," JPM said.

"Now is a good entry point and we upgrade Weir to overweight," it said.
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