Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Industrial chains and related power transmission products company Renold plc (RNO) issued an update just last month concluding “as a result of the continued positive trading momentum, and an increase in activity from the recently announced Davidson acquisition, the board now anticipates achieving results for the year ending 31 March 2024, higher than previously expected”. That helped the shares up to 31p but that was only a level they had been at as recently as May and this month they have fallen from above 30p at the start towards 27.5p. Recently they have started to recover, but we suggest there is a lot further to go from a 28.4p offer price.
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