1026 GMT - Essentra's 1H gives a credible performance amid a challenging macroeconomic backdrop and a tough set of comparatives, with a 5.5% revenue decline that includes foreign exchange reflecting double-digit volume decreases offset by strong pricing, Berenberg analysts say in a note. The plastic and fiber products supplier's management shows a strong ability to offset current pressures on costs and volumes through pricing and proactive management, while its restructuring program continues to play out to plan, the analysts say. "Continued execution against management's medium-term targets offers scope for both organic and inorganic outperformance," the analysts say. Berenberg rates the stock buy and has a 255 pence target price. Shares are down 0.6% at 154.20 pence. (anthony.orunagoriainoff@dowjones.com)
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(END) Dow Jones Newswires
08-16-23 1215ET
