Jefferies has upgraded it stock call on Meggitt (LON:MGGT) to buy from hold stating that, while not yet complete, the company's "rejuvenation" should become more apparent over the next twelve months.
"The years of investment ahead of production have required endurance - we have bided our time until convinced tangible rewards should be evident within our 12-month horizon," analyst Sandy Morris explained.
Jefferies added: "The obvious risk to our PT is that Meggitt will still not be the finished article even in FY20, simply because Civil Aftermarket (AM) revenue will lag behind OE deliveries by at least 2-3 years."
Target increased to £6 per share (from £5).
At 2:03pm: (LON:MGGT) Meggitt PLC share price was +15.25p at 512.75p