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Broker tips: XP Power, 888 Holdings
(Sharecast News) - Analysts at Berenberg slashed their target price on power supply manufacturer XP Power from 4,020.0p to 2,080.0p on Tuesday, despite the group's "strong" Q3 trading update on 11 October.
Berenberg, which reiterated its 'buy' rating on the stock, said XP Power delivered "a robust Q3 performance" following severe supply-chain challenges in the first half, with the group's order book continuing to provide "decent visibility".
Given the nature of XP's end markets, Berenberg stated that the prevailing view of many has been that a cyclical slowdown will affect orders in the coming months. However, Berenberg thinks that demand has remained "relatively robust".
"As supply-chain challenges ease and the group's mitigating strategies come into action, we expect that XPP should deliver on its revised FY 2022 guidance," said the analysts.
With that said, the German bank also updated its forecasts to reflect the firm's latest guidance and include a one-off cost of £51.7m for the Comet Technologies judgment in 2022, culminating in a decrease of 13% to its 2022 full-year earnings estimates and bringing numbers closer to more recent consensus.
Analysts at Canaccord Genuity lowered their target price on bookmaker 888 Holdings from 430.0p to 355.0p on Tuesday following the group's third-quarter trading update.
Canaccord Genuity said 888's update highlighted a revenue fall of 7% year-on0year, with trading continuing to be impacted by the provision of enhanced player safety measures in the UK and the closure of its Netherlands business.
The Canadian bank stated that whilst revenues were "slightly behind" its prior expectations, 888 now expects "good progress on synergies and cost efficiencies" to result in an improved adjusted underlying earnings margin in the second half and full-year adjusted EBITDA in line with market expectations.
"Guidance on financing costs has been updated to reflect the recent significant movements in both FX and forward interest rate expectations resulting in meaningful reductions to adjusted pre-tax profit/earnings per share expectations," said Canaccord, which also reiterated its 'buy' rating on the stock.
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