LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on veterinary services provider CVS Group's from 2,630.0p to 2,900.0p on Thursday following the release of the company's full-year results.
Berenberg stated that in a period with limited impact from acquisitions, CVS saw revenues grow 19%, underlying earnings improve 37% and earnings per share surge 79% year-on-year.

While Berenberg acknowledged that CVS' results were partially a factor of a weaker prior year comparative, given the negative impacts of the initial lockdown in March 2020, it still said it had calculated double-digit full-year like-for-like growth from the company.

Looking forward, the German bank noted that with "obvious" structural growth drivers, evidence of improved margins via operational gearing, opportunities for organic and inorganic investments, and supportive regulatory changes potentially coming in time, it believes there are many reasons to be positive about CVS' short- and longer-term future.

"While our forecasts move up by 7-9%, we consider these to be highly prudent assumptions which we expect to be upgraded over the course of the next year," said Berenberg, which also reiterated its 'buy' rating on the stock.

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