4imprint Group (LSE:FOUR) has been backed with a Buy rating, with its price target upgraded to 5,649p from 5,500p after the promotional products supplier's first-half results beat expectations.
The broker's analyst pointed to diluted earnings per share of 173c against its own forecast of 142c, with net cash also running ahead of estimate despite weaker free cash flow, and lifted its full-year 2026 and 2027 earnings-per-share forecasts by 16% and 10% respectively.
The note cites four drivers behind the call: new-customer order declines are moderating while orders from existing customers hold stable, macro indicators are mixed but clouded by tariffs and the Iran conflict, industry data points to market-share losses even as management holds a conservative pricing stance, and a strong balance sheet with forecast full-year 2026 net cash of $158m gives the group capital allocation flexibility.
Panmure Liberum's new target implies a calendar-year 2027 price-to-earnings ratio of 18.4 times, framing the upgrade as a re-rating on higher earnings rather than a shift in multiple.
