Cyber attack sees broker weaken his price aim for Safestyle UK
At the start of last week Safestyle UK (LON:SFE) was impacted by a cyber attack.
The company reported a recent cyber attack will hit first half revenues by 10% ‘as manual workarounds are less efficient than digital processes and system restoration has been deliberately gradual’.
However, the PVC door and window group could still see further upside in its half year results'
Analyst Charlie Campbell, at brokers Liberum Capital, confirmed his ‘buy’ recommendation but lowered his price objective from 80p to 75p on the shares.
‘We cut our first half 2022 profit before tax estimate but leave second half and full year 2023 unchanged,’ said Campbell.
‘The cyber attack has only impacted physical processes. Management remains confident for second half 2022 and beyond as order intake is good and its strategic improvements will deliver.'
‘We still see significant upside as margins recover to 6% and beyond… We see almost 60% total shareholder return upside to our revised target price of 75p.’
The shares closed at 42.5p on Friday night.