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Numis upgraded Arbuthot to an “add” rating, and said the group’s third-quarter trading update showed that both its businesses were “progressing well within a positive operating environment”. The broker added that there was ample resource to meet growth potential.
S&P Capital IQ reiterated its “buy” rating after the company’s operational review. The broker said the group had “achieved a robust operating performance across its diversified portfolio, helped by its focus on productivity”, and lowered target price from 2,200p to 1,825p.
WH Ireland reiterated its “buy” rating, citing strong first half results with “well over” 20 per cent organic growth in profit before tax. The broker noted that Renew made a “further upgrade” in August with the acquisition of Forefront engineering, and said it remained a strong idea.