 saw shares rise on Tuesday morning, after a positive market update led Peel Hunt to reissue their 'add' rating){kind=link}
Animal feed and distribution company NWF (LON:NWF) saw shares rise on Tuesday morning, after a positive market update led Peel Hunt to reissue their ‘add’ rating on the stock.
The company updated markets on progress for the financial year ended 31 May 2017, saying that its Food division had performed ahead of the year before and maintained service levels at 99.7 percent.
However, whilst the Feeds division improved on trading in the second half, it was impacted over the year as a whole due to the later than planned opening of their Northern feed mill and the previously reported margin pressure from increasing competition.
Richard Whiting, Chief Executive of NWF Group plc said:
“NWF has delivered another solid trading performance. Investment in mill infrastructure in the Feeds division and strong performances from Food and Fuels have continued the development of the Group and demonstrate its ability to successfully navigate volatile economic conditions.”
Investment analysts at Peel Hunt reissued their ‘add’ rating on NWF stock in a research report issued on Tuesday. They currently have a GBX 185 price target on the stock, representing a potential upside of 36.53 percent from the company’s previous close.
NWF shares rose 4 percent at market open before levelling out. They are currently trading up 0.74 percent at 136.50 (0955GMT).