Numis has moderated its investment rating on ULS Technology (LON:ULS) and moved to a 'hold' call (previously rated as 'add'), despite the company's interims being in line with the trading statement published at the start of November.
The broker said: "We think that ULS under CEO Ben Thompson is demonstrating very good operational performance, and we are firm supporters.
"However the shares have jumped sharply in recent weeks, and we think that the valuation of 15x CY17 EV/NOPAT is appropriate for now."
Analysts have left their target price unchanged at 80 pence a share.
At 1:56pm: (LON:ULS) ULS Technology Plc share price was +0.38p at 79.13p