Goodbody upgrades its Glanbia forecast on strong performance

Stockbroker firm Goodbody has upgraded its 2012 forecast for Glanbia to €6.50 per share, based on its consistently strong performance over the past four months.

With Glanbia’s share price closing at €5.93 on Monday, Goodbody’s target effectively projects a 6% growth in share value for the remainder of the year. Glanbia’s share price is up 44% since Goodbody gave it a ‘buy’ rating in November.

Last week, Glanbia’s accounts unveiled an 18% operating profit surge to €161m, with revenue up 23% to €2.7bn.