22 March 2012 12:54 [Source: ICIS news]
LONDON (ICIS)--Investment bank JP Morgan Cazenove on Thursday raised its target share price for UK-based producer Yule Catto following the successful integration of the group’s polymer chemicals business.
The bank increased the specialty chemical company’s target share price to £2.80 ($4.44, €3.37) from £2.50.
JP Morgan Cazenove said that in recent results Yule Catto’s core polymer chemicals division – which serves the paints, adhesives and carpets markets for example – saw progress despite customer destocking in the fourth quarter, with synthetic rubber for medical uses experiencing robust demand.
“Despite the 45% year-to-date appreciation, the shares still stand at a discount to the European and ?xml:namespace>
The bank said it maintains its “overweight” status for Yule Catto.
(€1 = £0.83, $1 = £0.63)
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