LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lowered their target price on media outfit 4imprint from 2,500.0p to 2,300.0p on Friday, stating it was no longer sure whether being patient would pay off for investors.
While Berenberg acknowledged the age-old adage of "good things come to those that wait", the analysts stated that in the case of 4imprint, it very much so felt that the notion was being tested.

The German bank pointed out that 4imprint had delivered a 93% drop in pre-tax profits in 2020, with consensus now expecting a full recovery by late 2022.

While Berenberg said it remains more than 10% below consensus in outer years, even if consensus figures can be achieved, the analysts stated 4imprint's valuation looked "very stretched" and did not appear to be pricing in many of the risk factors in the group's recovery.

"While we do not deny that the company is a good business and has a good long-term opportunity, we are unsure of whether the 'wait is worth the reward', at least in the near term," said Berenberg, which reduced its estimates by 10-20% over coming years and reiterated its 'hold' rating on the stock.

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