LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lowered their target price on engineering services group Tekmar from 90.0p to 75.0p on Tuesday, stating the group appeared to have started on "the next chapter" in its story.
Berenberg stated that with Tekmar announcing new chief executive Alasdair MacDonald's medium-term strategic plan and a change in chief financial officer with Sue Hurst stepping down and Derek Bulmer appointed in her place, the group seemed to be poised to make a somewhat fresh start.

The German bank noted that near-term challenges "certainly remain" but stated that the outlook for offshore wind was "compelling", and added that if Tekmar can achieve its strategic ambitions, then underlying earnings of £12.0m could be delivered in the 2026 trading year.

"While near-term timing challenges persist, the longer-term outlook for offshore wind has strengthened, with 2030 capacity forecasts increased to 238GW from 216GW previously," said Berenberg, which stood by its 'buy' rating on the stock.

The analysts added that Tekmar shares trade at a 6.6x September 2023 enterprise value/earnings before interested, tax, depreciation and amortisation ratio.

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