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Broker Tips: Aston Martin, Dr Martens, Darktrace

  • Barclays increases target price for Aston Martin
  • Bank of America Merrill Lynch upgrades Dr Martens to ‘buy
  • Berenberg reiterates Darktrace ‘Buy’ following Ernst & Young review

Barclays increases target price for Aston Martin

Barclays have increased their target price for Aston Martin Lagonda [LON:AML] to 375p from 300p ahead of results which are due out next week. The broker reiterated their ‘overweight’ rating. The luxury carmaker has recently announced deals with Geely and Lucid with Barclays describing the business as more “derisked” and anticipating a “much higher” outcome in the back half of the year. We discussed Aston Martin on our latest podcast which you can listen to here, or from your favourite podcast platform.

At the time of writing, Aston Martin shares were trading at 349.21p, up 125% this year and 81% over the last 12 months.

Bank of America Merrill Lynch upgrades Dr Martens to ‘buy

Bank of America have raised Dr Martens [LON:DOCS] rating to ‘Buy’ but reduced the target share price to 165p from 210p. The bootmaker has seen its shares lose 69% since the IPO in January 2021 and the broker notes that shares at the current levels are “simply too cheap” on the back of four profit warnings over the last 12 months. The bank suggests expectations have been reset and Dr Martens is “reinvesting in the business, which should help limit operational surprises, while senior personnel changes are also taking place”. BoA sees “opportunity to consider the stock given its more robust earnings expectations and signs of a cleaner equity story to come”.

Dr Martens shares were trading at 139.70p, down 29% this year and down 48% over the last 12 months.

Berenberg reiterates Darktrace ‘Buy’ following Ernst & Young review

Berenberg has reiterated its ‘Buy’ rating for Darktrace [LON:DARK] and maintaned a target price of 600p following a trading update and the successful conclusion of an independent review by Ernst & Young into its key financial processes and controls following allegations by Quintessential Capital Management surrounding overstated “sales, margins, and growth rates” and in response to the New York based asset management firms short position in the company. The review concluded that it had no impact on its financial statements nor its view of fair representation.

The update confirmed that full-year revenues were set to come in up by 31%, in line with consensus and that guidance for the 2024 financial year was for revenues to increase by 22-23.5%, against consensus of 24%.

Darktrace shares were trading at 378.86p, up 42% for the year to date and up 8% over the last 12 months.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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