HSBC Lowers Drax Group Price Target to GBX 680 (DRX)
Equities researchers at HSBC cut their target price on shares of Drax Group (LON:DRX) from GBX 735 ($11.73) to GBX 680 ($10.86) in a research report issued on Monday, American Banking News.com reports. The firm currently has a “neutral” rating on the stock. HSBC’s price target indicates a potential upside of 3.19% from the stock’s previous close.
A number of other firms have also recently commented on DRX. Analysts at AlphaValue reiterated a “reduce” rating on shares of Drax Group in a research note to investors on Thursday. They now have a GBX 677 ($10.81) price target on the stock. Separately, analysts at Investec initiated coverage on shares of Drax Group in a research note to investors on Thursday. They set an “add” rating and a GBX 700 ($11.17) price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Drax Group in a research note to investors on Friday, October 4th. They now have a GBX 725 ($11.57) price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of GBX 726.85 ($11.60).
Shares of Drax Group (LON:DRX) traded up 1.38% during mid-day trading on Monday, hitting GBX 659.00. The stock had a trading volume of 515,072 shares. Drax Group has a 52-week low of GBX 465.533 and a 52-week high of GBX 722.00. The stock has a 50-day moving average of GBX 686.1 and a 200-day moving average of GBX 622.7. The company’s market cap is £2.649 billion.
Drax Group plc is the holding company of the Drax group of companies. The Company is engaged in the generation and sale of electricity and by-products of the electricity generation process at Drax Power Station, Selby, North Yorkshire and the sale of electricity to business customers by Haven Power Limited (LON:DRX).
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