LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg slightly raised their target price on engineering giant Weir Group from 2,450.0p to 2,500.0p on Thursday as it said long-term value was continuing to emerge.
Berenberg stated that following a period of sector outperformance by Weir in Q324, it had chosen to revisit its investment case for the group.

The German bank noted that Weir's order growth had stabilised and returned to growth in Q3, with a book-to-bill ratio back above 1x .

It also acknowledged that Weir has experienced strong original equipment order momentum in its minerals division, which "aligns well with long-term themes", such as energy transition and decarbonisation, that have supported its ongoing growth.

"We note that Weir's Q3 share price outperformance has been at the expense of more traditionally cyclical stocks in the engineering sector and we acknowledge the potential for a pro-cyclical rotation in the sector to favour some of the Q3 laggards as we enter 2025," said Berenberg, which stood by its 'buy' rating on the stock.

"However, we continue to see value in Weir if, as we expect, it continues to deliver on its strategic and financial model."











Reporting by Iain Gilbert at Sharecast.com

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