LONDON (ShareCast) - Banking software firm Intelligent Environments (LSE: IEN.L - news) was in demand on Wednesday morning after an upbeat
trading statement at the annual general meeting.
The company announced two new contracts, one with the Stroud & Swindon building society and the other with Home Retail Group. 'Both contracts illustrate the relatively buoyant retail markets for financial services and the increasing proliferation of digital channels to attract, capture and service consumers via the internet in a cost effective manner,' reckons broker FinnCap.
FinnCap analyst Paul Cornelius sees further scope for growth, what with the ' relatively recent entry by major grocers and retail brands into the financial services markets,' which will expand the market for Intelligent Environments.
Cornelius notes that the technology sector has enjoyed a significant re-rating recently, prompting him to increase his valuation of Intelligent Environments to a price/earnings ratio of 13 times forecast earnings, which results in his price target for the stock rising from 9.6p to 15p.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
