Broker Peel Hunt upgraded its forecasts and target price for discoverIE Group PLC (LON:DSCV) after the company’s upbeat trading update.

Analysts now expected adjusted profit before tax of £29.6mln and earnings per share of 24.5p, up 8% on their previous forecast.

The broker’s target price was hiked to 835p from 775p and it reiterated its ‘buy’ recommendation.

With the order book strength running into next year with good quality, long-term orders and a slightly lower than expected interest charge, profit forecasts for the next financial year were also lifted 8% to £32.3mln.

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