JP Morgan upgrades Compass and Marston's to 'overweight'
JP Morgan has upgraded its ratings for both catering giant Compass Group and pub and hotel operator Marston's after its latest review of the Europe-listed leisure sector.
Compass Group
29 April 2024 14:25:18
Source: Sharecast
The bank has lifted both stocks to 'overweight' from 'neutral', giving both names a lift on Thursday.
JP Morgan said it was taking a "slightly more conservative approach" to estimates and valuations across the European leisure sector heading into 2024, and rolling its price targets over by a year to 2025 calendar year.
"In the context of the solid performance of hotels in 2023, we reshuffle our preferences and turn more constructive on catering (better visibility, decent growth) and remain more selective on gaming," the bank said.
Compass's target price has been raised from 2,200p to 2,500p, while the Marston's target is now 58p from 54p previously.
Compass shares were up 0.4% at 2,115.68p by 1153 GMT, while Marston's was up 6% at 29.93p.
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