MILAN (AIMnews.it) – IR Top Research has updated the TP on Fope in light of the results for the first half of 2018. The target price on the stock passes from 8.85 to 9.05 euros per share. The analysts’ estimates for 2018 have been revised upwards and forecast revenues of 30.8 million euro, up 10% compared to 2017; an increase of EBITDA margin of 140 base points, from 13.9% in 2017 to 15.3% in 2018 (€ 4.7 million in absolute terms). For 2020 IR Top Research expects 37.3 million euros of revenues, 6.3 million euros of EBITDA (16.9% EBITDA margin) and 3.4 million euros of net profit. The average annual growth in revenues in the period 2018-2020 should therefore be 10%, while that of EBITDA at 17%, thanks to the increase in turnover and the consequent improvement in the operating leverage.