Rolls-Royce rallied on Tuesday as JPMorgan Cazenove hiked its price target on the stock to 535p from 475p "after another set of strong results".
Rolls-Royce Holdings
06 August 2024 10:31:29
Source: Sharecast
The bank noted that last week, RR reported H1 24 results well ahead of consensus.
JPM said it was increasing its 2024-27 earnings per share estimates by 9%/8%/7%, and its 2024-27 free cash flow estimates by £261m/£171m/£143m/£34m .
"We increase our multiples-based Dec-25 price target by 13% to 535p reflecting higher EPS estimates and a slightly higher target valuation multiple, justified by the increasing evidence that RR is becoming a more resilient company," it said.
JPM said the new price target implies 20% potential upside over the next 18 months.
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