Panmure Liberum upgraded Weir Group (LSE:WEIR) to Buy from Hold and maintained a 3,490p price target, arguing the recent de-rating opens meaningful upside for the mining-focused engineering group.
The broker says Weir, with material exposure to key commodities, is well placed to benefit from the current mining capex cycle thanks to a strong pipeline and order book, a view set out by analyst Alexandro da Silva O’Hanlon.
Panmure Liberum left FY26 earnings unchanged, trimmed FY27 fully diluted EPS by 3% to reflect higher expected interest costs, maintained a FY26 net debt estimate of £1,068m and noted the shares have fallen c.27% since its 19 February move to Hold, implying a CY27 P/E of 17.2x that it views as attractive.
The note flags softer Q1 orders as the near-term focus but says the order book and pipeline provide visibility across the year and leave scope for further M&A as the catalyst to crystallise the valuation reset.
