TT Electronics Rises on Goldman Sachs Buy Rating: London MoverAlex Pashley
TT Electronics Plc, a British maker of components for Bayerische Motoren Werke AG and Daimler AG, advanced for a second day after Goldman Sachs Group Inc. upgraded its recommendation to buy.
The stock climbed 3.3 percent, taking the two-day gain to 7.2 percent, the biggest such advance since May 1.
“We expect modest progression in autos volumes, supported by encouraging recent data for Europe,” Will Wyman, an analyst at Goldman Sachs, said in a note to investors today. Restructuring programs “will support further margin expansion.” Goldman Sachs added the stock to its conviction list with a six-month price target increased to 240 pence from 190 pence.
Europe accounted for 66 percent of Weybridge, England-based TT Electronics’ 476.9 million pounds ($734 million) of revenue last year, according to data compiled by Bloomberg.
The stock closed at 170.50 pence in London, taking the advance to 18 percent this year and giving the company a market value of 269.7 million pounds ($415 million).
Among six analysts who review the company and share their findings with Bloomberg, five recommend buying the stock and one suggests holding.