Spirax-Sarco Engineering, listed on the London Stock Exchange under the ticker symbol LON:SPX, saw its price target raised from GBX 7,500 to GBX 7,800 by JPMorgan Chase & Co. in a research note published on November 13, 2023. This adjustment reflects a neutral rating on the stock from the investment bank, aligning with a growing interest from various financial institutions.
Multiple brokerages have recently expressed their views on Spirax-Sarco Engineering. Deutsche Bank Aktiengesellschaft increased its target price for the company from GBX 7,250 to GBX 7,500, maintaining a “hold” rating. Similarly, Shore Capital reiterated a “hold” rating on the same date.
In a more optimistic stance, Peel Hunt reaffirmed a “buy” rating and set a higher target price of GBX 8,500 for Spirax-Sarco shares. Earlier in August, Citigroup had also raised its price target from GBX 8,000 to GBX 8,400, giving the stock a “buy” rating. Furthermore, on October 28, 2023, UBS Group upgraded Spirax-Sarco Engineering to a “buy” rating, lifting their price objective from GBX 7,500 to £105.
The consensus among analysts indicates a balanced outlook, with three analysts rating the stock as a “buy” and three others maintaining a “hold” rating. According to data from MarketBeat.com, Spirax-Sarco Engineering has a consensus rating of “Moderate Buy” with an average price target of GBX 8,540.
In terms of performance, Spirax-Sarco shares experienced a minor increase of 0.2% recently, reflecting ongoing investor interest.
Company Evolution and Branding
In a significant development, Spirax-Sarco Engineering rebranded as Spirax Group on February 22, 2024. The name change is intended to represent the company’s evolution into a larger and more cohesive group, comprising three aligned businesses with distinct yet complementary capabilities. This new branding aims to honor the company’s rich history while also reflecting its current identity and future aspirations.
Investors and industry observers will continue to monitor Spirax-Sarco Engineering’s performance as it adapts to market changes and strives for growth under its new identity.
