Citi backs Weir Group despite ambitious guidance and trimmed target

Citi reiterated a Buy rating on Weir Group (WEIR) after the stock’s sell-off, but trimmed its price target to 3,150p. The bank cautioned that Weir’s near-term setup remains somewhat challenging ahead of half-year results on 29 July. Net-net, the note is supportive on valuation but tempered by short-term execution risk.

Analysis

Citi reiterated a Buy rating on Weir Group (WEIR) after the stock’s sell-off, but trimmed its price target to 3,150p. The bank cautioned that Weir’s near-term setup remains somewhat challenging ahead of half-year results on 29 July. Net-net, the note is supportive on valuation but tempered by short-term execution risk.