LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity nudged up their target price on information and data management firm Restore from 610.0p to 615.0p on Wednesday following the group's "strategically compelling acquisition" of PRM Green Technologies.
Canaccord noted that Restore's acquisition of PRM was its fourth IT recycling and asset disposition business purchase in the last 12 months and further consolidated the group's "first mover advantage" in "a highly fragmented and attractive market".

"Restore expects PRM to be immediately earnings enhancing, and it adds greater scale in ITAD, expands the eCommerce offering and establishes a strategic presence in the valuable UK education sector," said Canaccord.

On another note, the Canadian bank stated that while it viewed a recent approach by Marlowe as "a highly opportunistic move with no obvious synergies", confirmation on Tuesday that no offer would be forthcoming brought "early closure".

"It also allows management's focus to revert back to creating long-term value through organic growth alongside sustainably funded M&A. We understand Restore has an active pipeline of more than 25 companies and the acquisition of PRM provides early evidence of execution against this pipeline," said Canaccord, which also reiterated its 'buy' rating on the stock.

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