(Finance) – EnVent Italia SIM has confirmed a 5.26 euros per share the target price on Tenax Internationala company listed on Euronext Growth Milan and one of the main producers in Europe of 100% electric machines for street cleaning and urban hygiene, also maintaining the rating on the stock at “Outperform” given the potential upside of 77%. The revision of the recommendation came after the company reported its first half 2023 results.
Analysts write that i delays in the launch of new models have not reduced Tenax’s growth in the first half of 2023 and management has established a work plan to cope with the increase in demand; furthermore, the launch of the new Electra 5.0 model, the first high-capacity electric street sweeper, has been postponed and is now expected in the first half of 2024.
“All this confirms the positive trend underway for cleaner sweepers, despite the uncertainties of international economies”, we read in the research, which underlines that “the performance of the first half of 2023 and the growth in sales in line with our expectations confirm the attractiveness of Tenax, supported by the push of new markets and the launch of new products, and they do not suggest any revisions to our projections“.