IMI upgraded by Exane

Exane BNP Paribas has upped its investment rating in specialist engineering group IMI (LON:IMI) to 'outperform' from 'neutral', stating that the current valuation offers an attractive entry point for investors.

The broker added: "Supported by cost savings, we think the organic earnings declines at IMI are beginning to slow.

"As we approach this turning point, we believe that investors will become increasingly willing to value IMI for its recovery potential.

"We move to value IMI on such a basis."

Analysts have set a new target price of 1,150 pence per share (previously 1,100 pence), which they say is primarily to reflect the benefits of cost saving measures at Critical Engineering and additional support for Precision Engineering from the soon-to-be-unveiled Janus project.

At 3:01pm: (LON:IMI) IMI PLC share price was +21.5p at 935.5p