Canaccord Genuity Group Upgrades IG Design Group (LON:IGR) to Buy

Key Points

• Canaccord Genuity upgraded IG Design Group to "buy", raising its price target to GBX 150 from GBX 130, which implies roughly a 111.6% upside from the stock's then-current level.
• The stock jumped about 26.6% to GBX 70.89 on heavy trading (2.57M shares exchanged versus an average of ~339k), reflecting a strong market reaction to the upgrade.
• IG Design Group is the world's largest consumer gift packaging business with products in over 210,000 retail outlets including Walmart, Target and Amazon; the company has a market cap of ~£67.6M and a negative trailing PE (-0.27), indicating current unprofitability.

IG Design Group (LON:IGR - Get Free Report) was upgraded by equities research analysts at Canaccord Genuity Group to a "buy" rating in a research note issued on Thursday,London Stock Exchange reports. The firm presently has a GBX 150 price objective on the stock, up from their prior price objective of GBX 130. Canaccord Genuity Group's target price indicates a potential upside of 111.60% from the stock's current price.

IG Design Group Trading Up 26.6%

Shares of IGR stock traded up GBX 14.89 during trading hours on Thursday, hitting GBX 70.89. 2,567,596 shares of the company were exchanged, compared to its average volume of 339,247. The company has a quick ratio of 0.85, a current ratio of 2.39 and a debt-to-equity ratio of 34.19. IG Design Group has a 1 year low of GBX 44 and a 1 year high of GBX 96. The firm has a fifty day moving average of GBX 56.35 and a 200 day moving average of GBX 52.56. The firm has a market cap of £67.56 million, a PE ratio of -0.27 and a beta of 0.54.

About IG Design Group

IG Design Group plc, the largest consumer gift packaging business in the world, is a designer, innovator and manufacturer of products that help people celebrate life's special occasions. Design Group works with more than 11,000 customers in over 80 countries throughout the UK, Europe, Australia and the USA. Its products are found in over 210,000 retail outlets, including several of the world's biggest retailers, for example Walmart, Target, Amazon, Costco, Lidl and Aldi. Its five major product categories are: Celebrations, Craft, Stationery and Creative Play, Gifting, and Not-for-resale consumables.

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