Ashtead Technology (LON:AT) Downgraded by Royal Bank Of Canada to Sector perform

Key Points

• Royal Bank of Canada downgraded Ashtead Technology to “sector perform” and cut its price target from GBX 560 to GBX 400, implying 17.65% upside from the previous close.
• Despite the downgrade, analyst sentiment remains positive overall: Ashtead has a “Moderate Buy” consensus rating, with four Buy ratings and one Hold and an average target price of GBX 605.
• Ashtead Technology reported quarterly EPS of GBX 20.60, with a 15.56% net margin and 19.41% return on equity; analysts expect full-year EPS of approximately GBX 42.82.

Ashtead Technology (LON:AT - Get Free Report) was downgraded by investment analysts at Royal Bank Of Canada to a "sector perform" rating in a research report issued on Thursday, Digital Look reports. They currently have a GBX 400 price objective on the stock, down from their previous price objective of GBX 560. Royal Bank Of Canada's price objective points to a potential upside of 17.65% from the stock's previous close.

Several other equities research analysts also recently issued reports on the company. Berenberg Bank dropped their target price on Ashtead Technology from GBX 700 to GBX 650 and set a "buy" rating on the stock in a research report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a GBX 650 price target on shares of Ashtead Technology in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of GBX 605.

Ashtead Technology Price Performance

AT opened at GBX 340 on Thursday. The firm has a 50-day moving average price of GBX 410.14 and a 200-day moving average price of GBX 434.78. Ashtead Technology has a twelve month low of GBX 426 and a twelve month high of GBX 893. The company has a quick ratio of 1.46, a current ratio of 2.21 and a debt-to-equity ratio of 73.72. The company has a market capitalization of £269.64 million, a price-to-earnings ratio of 10.98 and a beta of 0.41.

Ashtead Technology (LON:AT - Get Free Report) last announced its quarterly earnings results on Tuesday, September 1st. The company reported GBX 20.60 EPS for the quarter. Ashtead Technology had a net margin of 15.56% and a return on equity of 19.41%. Equities analysts expect that Ashtead Technology will post 42.8247734 EPS for the current year.

Ashtead Technology Company Profile

Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East. The company offers survey and robotics equipment comprising geophysical, hydrographic, metocean, land surveying, positioning, ROV sensors, non-destructive testing, subsea inspection, remote visual inspection, and environmental products. It also provides mechanical solutions, consisting of subsea cutting, coating removal and cleaning, subsea dredging, ROV and diver tooling, intervention skids, topside support, recovery tools, ancillary deck equipment, and fabrication solutions.

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