Ashtead Technology (LON:AT) Price Target Cut to GBX 500 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity cut Ashtead Technology’s price target to GBX 500 from GBX 600 while maintaining a “buy” rating, implying roughly 52% upside from the reported GBX 328.50 share price.
• Analyst sentiment remains broadly positive, with five “buy” ratings and one “hold”; the consensus rating is “Moderate Buy” with an average target price of GBX 587.50.
• Ashtead Technology reported quarterly EPS of GBX 20.60, with a 15.56% net margin and 19.41% return on equity. The stock has a market capitalization of about £260.5 million and trades at a P/E ratio of 10.61.

Ashtead Technology (LON:AT - Get Free Report) had its price target decreased by investment analysts at Canaccord Genuity Group from GBX 600 to GBX 500 in a report released on Thursday, Digital Look reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 52.21% from the company's current price.

Several other brokerages also recently commented on AT. Royal Bank Of Canada downgraded shares of Ashtead Technology to a "sector perform" rating and cut their price objective for the company from GBX 560 to GBX 400 in a research report on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a GBX 650 target price on shares of Ashtead Technology in a research note on Wednesday, September 2nd. Finally, Berenberg Bank lowered their target price on Ashtead Technology from GBX 700 to GBX 650 and set a "buy" rating on the stock in a report on Friday, August 21st. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of GBX 587.50.

Ashtead Technology Stock Performance

Shares of AT stock opened at GBX 328.50 on Thursday. Ashtead Technology has a 12 month low of GBX 426 and a 12 month high of GBX 893. The stock has a market cap of £260.52 million, a PE ratio of 10.61 and a beta of 0.41. The company has a current ratio of 2.21, a quick ratio of 1.46 and a debt-to-equity ratio of 73.72. The company's fifty day moving average price is GBX 393.88 and its 200-day moving average price is GBX 428.25.

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

About Ashtead Technology

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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