FinnCap this morning raised its valuation for Specialist Energy Group (LON:SEGR) by 45 percent after the group revealed its Hayward Tyler subsidiary landed a bumper £5.9 million-worth of new orders in January.
The City broker, which is also the companys nominated adviser, hiked its price target to 94 pence a share from 65 pence. At 11.15 am, the stock was trading at 82 pence, up 4 pence or 5 percent. In the last six months Specialist Energy has more than doubled in value. We remain very positive on the groups growth prospects as well as its shares, said FinnCap analyst David Buxton.
The contract announcement gives greater confidence to our forecasts and indicates that order book momentum is improving. Specialist Energys Hayward Tyler makes boiler circulating pumps (BCPs), and is one of Britains oldest engineering firms.
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