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DiscoverIE's price target raised to 450p

When a share price reaches a target price, the broker can either alter the recommendation or change the share price; in DiscoverIE's case, it is the latter
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The broker says it now views the future of DiscoveIE with increased confidence

Peel Hunt has reiterated its ‘buy’ recommendation for DiscoverIE Group PLC (LON:DSCV), the company formerly known as Acal.

The interim results in November sent the shares on a good run and they currently trade at 377.5p, above Peel Hunt’s price target of 360p.

READ: Acal building momentum with its higher margin strategy

Rather than switch to a ‘hold’ recommendation, the broker has increased its price target to 450p, reflecting the fact that with the arrival of a new year it has rolled its forecasts forward a year for valuation purposes.

The broker says it now views the future of DiscoveIE with increased confidence, both in terms of organic growth and the group’s buy-and-build strategy.

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