We have reinstated our forecasts & valuation following a change in lead analyst and recent trading and strategy updates. We expect solid growth in the Products and Services divisions on improving margins, with significant potential upside through investment in Leveraged R&D. Our revised valuation implies a target price of 194p (from 246p). We believe that the current price represents an attractive entry point into what we see as an exciting growth story. We recommend a Buy.


Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Buying opportunity
- Published:
03 Aug 2015 -
Author:
Singer CM Team -
Pages:
4 -
We have reinstated our forecasts & valuation following a change in lead analyst and recent trading and strategy updates. We expect solid growth in the Products and Services divisions on improving margins, with significant potential upside through investment in Leveraged R&D. Our revised valuation implies a target price of 194p (from 246p). We believe that the current price represents an attractive entry point into what we see as an exciting growth story. We recommend a Buy.