Berenberg Lifts Keller Group Price Target, Estimates After FY26 Outlook Upgrade

Berenberg raised its price target and earnings projections for Keller Group (KLR.L) after the company's surprise first-half trading update included an upgraded full-year guidance. "Both revenue and underlying EBIT are now expected to finish "materially ahead of current market consensus", which stood at GBP3,150m and GBP223m respectively... We update our numbers for the release, resulting in 10-11% upgrades to adjusted EPS across the forecast period," analysts said in a Tuesday note, highlighting the benefit of the company's strategic positioning and operational discipline. The research firm's EBITDA and EBIT projections for 2026 to 2028 were also increased. Analysts added that the group's first-half growth, boosted by infrastructure and data center projects in North America, was "entirely organic" amid the lack of acquisitions or divestments during the period. Outside North America, Keller logged "robust results" in Europe and the Middle East, while Asia-Pacific's performance was in line with expectations. Against this backdrop, the stock's price target was lifted to 31.50 pounds from 25.50 pounds, with an unchanged buy rating.