LONDON (ShareCast) - (Sharecast News) - Peel Hunt has reduced its recommendation on 4imprint to 'add' following a strong run in shares of the corporate merchandise company.
4imprint's joint house broker cut its recommendation on the shares from 'buy' while raising its price target to £26.50 from £24. Peel Hunt analyst Malcolm Morgan said the company remained a core holding for its growth rate rather than further rating improvement.

The company produces pens, bags, clothing and other products bearing the logos of its corporate customers. It reported orders up 14% and revenue up 16% in the first four months of 2019 and said it was confident about meeting market forecasts for financial results.

Morgan wrote in a note to clients: "Trading year to date has been very good [...] The shares have rallied hard this year, reflecting the reduced investor concerns of US growth and increasing confidence in the success of the brand-building campaign."

He said 4imprint shares were trading at 23.6 times 2019 earnings - which was well above the average of 20 times forward earnings seen over the past five years.

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