(News Bulletin 247) – Stifel reaffirms its ‘sell’ recommendation and its price target of 3,700 pence on Intertek, a value it says it appreciates the least within the European inspection and certification services sector.
The broker points to downside risks on the evolution of margins for the British group, due to lackluster momentum in its consumer goods division (30% of sales, 52% of adjusted EBIT) and a negative mix.
“We expect the momentum of the results to underperform the peers, while no longer benefiting from its higher margin profile”, continues the broker in the passage of the note devoted to Intertek.
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