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(Sharecast News) - Analysts at Berenberg lifted their target price on Hochschild Mining from 570p to 800p on Friday, citing a materially stronger longterm growth profile and a supportive preciousmetals backdrop.
Berenberg said it continues to view Hochschild as a compelling productiongrowth story, with volumes set to rise around 55% on a goldequivalent basis between 2026 and 2030 as Mara Rosa's recovery progresses and new projects come online.
It highlighted the planned restart of Pallancata in Peru, targeting the Royropata vein system from 2028, and the Monte do Carmo gold project in Brazil, where a final investment decision was expected by the end of 2026 and first output likely in late 2028.
Berenberg said the projects provided clear catalysts for the shares over the coming quarters, alongside ongoing operational improvements at Mara Rosa. It also noted that permit progress at Royropata will be closely watched, but said management's timelines appeared credible.
The German bank updated its model following Hochschild's interim results, lowering mediumterm admin and exploration cost assumptions and adding Monte do Carmo to its valuation. It also raised its enterprise value-to-underlying earnings multiple to 5.5x from 4x and its price-to-net asset value multiple to 1.5x, reflecting "attractive growth potential".
Berenberg added that the preciousmetals complex continues to benefit from the broader "debasement trade" and concerns over the US fiscal backdrop, themes that could further support Hochschild's shares. The stock currently trades on 1.16x NAV and 5.1x 2026 EBITDA, with the broker reiterating its 'buy' stance on the stock.
Over at Jefferies, analysts hiked their target price on bakery chain Greggs from 1,610p to 1,740p on Friday, stating they had been "surprised by the extent of the rally" in its share price since its, "admittedly very robust", interim results.
Jefferies, which has a 'hold' rating on the stock, stated the rally was particularly surprising given the slower like-for-like exit rate and ongoing negative volumes.
"We remain wary of the headwind from weight-loss drugs, and believe that oral GLP-1's could accentuate volume pressures," added Jefferies.
Hays shares sparked on Friday after Panmure Liberum upgraded its stance on the recruiter to 'buy' from 'hold' and hiked its price target for the stock to 100p from 35p.
Panmure noted the shares have more than doubled from their spring 20-year lows, but said it was too early to increase forecasts. It also pointed out that management's Momentum strategy targets more than £1bn of net fee income and 25% EBIT conversion but said we've "been there before and market headwinds have prevailed".
"Is anything different this time? Perhaps," said Panmure. "The strategy has shifted from widening geographic and sectoral growth to rationalisation and focus. Our work suggests that there could be circa 50% upside to FY27E EBIT if management executes on its cost plan."
Panmure said that for the first time in a long time, it sees "an asymmetric risk profile to the upside on forecasts", although it's "likely to be a bumpy ride".