Rolls Royce shares gain after broker price target upgrade

Rolls Royce shares gained on Monday after the engineering firm enjoyed another broker price target increase.

Analysts at Deutsche Bank increased their price target to 400p from 310p and currently have a ‘buy’ rating on the stock.

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The Rolls Royce share price was up 2.5% on Monday, trading at 296p. Shares in the jet engine maker are the FTSE 100’s best-performing of 2023 so far, gaining a whopping 218%.

Rolls Royce has left every other FTSE 100 stock in the dust, with the second-highest share, Marks and Spencer, gaining only 110%. The FTSE 100 index is up less than 1% year-to-date.

Today’s price target increase follows JP Morgan’s upgrading of Rolls Royce to ‘overweight’ from ‘neutral’ last week. JP Morgan also has a 400p price target.

Rolls Royce recently outlined a medium-term strategy to boost operating profits to £2.5bn-£2.8bn and free cashflow to £2.8bn-£3.1bn.

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