Buying opportunity?14 Jun 2019 09:49
"Buying opportunity at Ashtead, says Numis
Fears of a slowdown in US long-term project spending are overdone and creating a buying opportunity at equipment rental company Ashtead (AHT), says Numis.
Analyst Steve Woolf reiterated his ‘buy’ recommendation and target price of £28 on the shares, which rose 6.5p to £19.66 yesterday.
‘The broader trading environment remains supportive, and we expect Ashtead to continue to demonstrate further market share gains,’ he said.
‘We believe concerns of a rapid decline in its US end-markets are overdone. Trading at a significant discount to historic earnings valuations, the shares present a buying opportunity.’"