Jefferies has raised its price target on IMI (LON:IMI) to 2,720 pence from 2,500p, while reiterating a Buy rating on the engineering group’s shares in a note on Tuesday.
The broker expects the company to show “decent progress in the quarter” and for management to confirm that it remains on track to deliver its full-year guidance when IMI posts its third-quarter trading update on 6 November.
The latest move from Jefferies comes after a series of upward revisions from peers in recent months. JPMorgan raised its target to 2,850p in August, Berenberg lifted its view to 2,550p earlier the same month, while Deutsche Bank and RBC Capital also upgraded their forecasts in early August.
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According to TradingView data, IMI currently enjoys broad support among analysts. Of the 15 covering the stock, 12 have Buy ratings, three have Hold, and none recommend selling. The average consensus target price stands at 2,506p, representing about 8% upside from current levels.
Analysts have cited IMI’s operational momentum, strong order book and exposure to structural growth themes in industrial automation, energy efficiency and climate control as supportive factors.
Expectations are that IMI will reiterate confidence in meeting its 2025 financial goals despite macroeconomic uncertainty.
The consistent stream of price target upgrades underscores market confidence in IMI’s ability to maintain growth.
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