Source: Sharecast
Berenberg, which reiterated its 'buy' rating on the stock, said in the context of "well-flagged weakness" across semiconductor, materials sciences and life sciences end-markets, Oxford Instruments had delivered "a very strong underlying performance" in HY25.
With "positive underlying momentum" and some green shoots of end-market recovery on the horizon, the German bank said it still sees many reasons to retain its positive mid-term view on Oxford Instruments' shares.
"We keep our sales estimates broadly flat for OI; however, we trim our EBIT estimates by c2.5% in FY26 and FY27 resulting from a refreshed view on FX and a greater contribution to growth from its, currently, low-margin Advanced Technologies division. Currently, our peer group for OI trades on 17.3x FY26 EV/EBIT," said Berenberg. "This still yields about 35% upside to its current share price."
Reporting by Iain Gilbert at Sharecast.com