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Panmure Liberum has upgraded Spirax Group PLC (LSE:SPX) to 'buy' from 'hold', arguing that Tuesday's sharp fall in the shares has created an entry point into a company whose earnings momentum is finally turning. Oliver Swift raised his target price to 8,150p from 7,550p, against a closing price of 7,225p, implying upside of about 13%.

Spirax Group PLC (LSE:SPX) saw shares fall 10% on Thursday despite delivering a solid set of first-half results, as investors were left wanting more after the company held its full-year guidance steady rather than upgrading it. The steam engineering specialist reported group revenue up 5% to £863.8 million for the six months to 30 June, comfortably ahead of its own internal plan of 1.5% growth.