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Davy Master Trust

The following table lists current ratings and price targets with respective dates for companies covered by Davy Research. Where a rating or price target has been updated in the previous 12 months, we also show the previous and its date of issue.

We indicate where a rating is currently 'under review', 'suspended' or 'restricted'. An explanation of our ratings is provided below. 

Investment ratings

Davy ratings are indicators of the expected performance of the stock relative to its sector index (FTSE E300) over the next 12 months. At times, the performance might fall outside the general ranges stated below due to near-term events, market conditions, stock volatility or - in some cases - company-specific issues. Research reports and ratings should not be relied upon as individual investment advice. As always, an investor's decision to buy or sell a security must depend on individual circumstances, including existing holdings, time horizons and risk tolerance.

  • Outperform: Outperforms the relevant E300 sector by 10% or more over the next 12 months.
  • Neutral: Performs in-line with the relevant E300 sector (+/-10%) over the next 12 months.
  • Underperform: Underperforms the relevant E300 sector by 10% or more over the next 12 months.
  • Under Review: Rating is actively under review.
  • Suspended: Rating is suspended until further notice.
  • Restricted: Davy is currently unable to provide a rating for this security. This is due to market events, corporate change or other circumstances.

     

The ratings table also indicates if Davy has provided certain material investment banking services to any company under coverage in the past 12 months. The term 'material investment banking services' includes Davy acting as broker as well as the provision of corporate finance services, such as underwriting and managing or advising on a public offer.

The list of individual ratings is updated each Monday, except for public holidays, when it is updated on the following Tuesday.

Also provided is a summary of our ratings for all companies under research coverage, including those companies under coverage to which Davy has provided material investment banking services in the previous 12 months. This summary is updated on a quarterly basis.

Please note that the table of individual stocks below is updated on an ongoing basis, while the quarterly summary table is updated at the end of each quarter.

Please click here for other important disclosures.

If you require further information, please contact researchoperations@davy.ie.

Material Investment Banking Services/Past 12 Months

Rating Count Percent Count (past 12 months) Percent (past 12 months)
Outperform 53 66 25 96
Neutral 22 28 0 0
Underperform 2 2.5 0 0
Under Review 0 0 1 4
Suspended 0 0 0 0
Restricted 3 3.8 0 0

Research ratings and price targets

STOCK ANALYST(S) RATINGS* DATE
OF ISSUE		 HISTORIC MARKET
PRICE**		 PRICE TARGET* DATE
OF ISSUE
AG Barr Gary Martin Outperform 19/09/24 576p 815p 06/06/25
AIB Group Diarmaid Sheridan Outperform 23/01/19 1153c 1284c 30/09/26
          1182c 06/08/26
          1162c 15/07/26
          1145c 08/04/26
          1095c 30/01/26
          1010c 12/11/25
          955c 22/10/25
Air France KLM Stephen Furlong/Ava Costello Neutral 14/01/26 1164c 1200c 16/01/25
Associated British Foods Gary Martin/Cathal Kenny Neutral 18/09/25 1858p 2000p 08/07/26
          2150p 12/01/26
Bank of Ireland Diarmaid Sheridan Outperform 11/03/13 1984c 2287c 30/09/26
          2255c 06/08/26
          2217c 15/07/26
          2211c 08/04/26
          1910c 30/01/26
          1830c 12/11/25
          1770c 22/10/25
Barratt Redrow Ciaran Mulqueen/Colin Sheridan Outperform 25/06/20 332p 330p 27/05/26
Bellway Ciaran Mulqueen/Colin Sheridan Outperform 24/03/14 2212p 3743p 04/11/25
Berkeley Group Ciaran Mulqueen/Colin Sheridan Underperform 10/09/13 3348p 2800p 27/05/26
Breedon Group Kate Nurse Neutral 05/06/25 328p 355p 28/05/26
Buzzi Spa Colin Sheridan Outperform 04/04/16 3753c 5500c 16/09/25
C&C Cathal Kenny Outperform 30/06/09 100p 300p 20/10/22
Cairn Homes Colin Sheridan Outperform 26/08/15 274c 296c 30/09/26
          271c 19/03/26
          243c 10/02/26
Cranswick Gary Martin/Cathal Kenny Outperform 09/11/16 5100p 6600p 04/03/26
CRH Colin Sheridan Outperform 23/05/12 8280USc  14400USc  12/03/26
CVS Group Colin Grant Outperform 09/03/21 1219p 1600p 13/03/24
Danone Gary Martin/Cathal Kenny Outperform 06/03/25 5870c 8500c 28/10/25
DCC Energy Colin Grant Restricted 29/04/26 6430p    
Diploma plc Colin Grant Neutral 28/08/25 7725p 8400p 22/07/26
          6200p 19/03/26
Dole Gary Martin/Cathal Kenny Outperform 24/08/21 1271USc 2150USc 13/08/25
DraftKings Paul Ruddy Outperform 16/04/26 1900USc 2850USc 16/04/26
dsm-firmenich Cathal Kenny Outperform 09/10/20 9758c 7440c 25/03/26
          9000c 22/01/26
easyJet Ava Costello/Stephen Furlong Neutral 16/01/25 678p 690p 09/07/26
          400p 28/05/26
          520p 14/01/26
Entain Paul Ruddy Outperform 25/09/25 417p 1080p 25/09/25
FBD Holdings Diarmaid Sheridan Outperform 01/09/17 1865c 2330c 13/08/26
          1860c 20/03/26
Flutter Entertainment plc Paul Ruddy Outperform 08/05/19 7454USc 17300USc 02/09/26
          22000USc 27/03/26
          29400USc 23/12/25
          30700USc 25/11/25
Forterra plc Flor O'Donoghue Neutral 19/08/16 156p 192p 17/01/25
Genuit Group Flor O'Donoghue Neutral 05/11/21 292p 380p 28/11/25
Genus plc Gary Martin Outperform 08/09/26 2142p 2810p 08/09/26
Givaudan Cathal Kenny Outperform 09/09/25 341000chf 401060chf 22/01/26
Glanbia Cathal Kenny Outperform 30/06/09 1965c 2060c 06/03/24
Glenveagh Properties Colin Sheridan Outperform 10/11/17 243c 256c 04/06/26
          249c 01/04/26
          228c 21/01/26
Grafton Group Flor O'Donoghue Outperform 07/10/20 979p 1150p 18/07/25
Greencoat Renewables Kate Nurse Outperform 24/08/17 77.6c 110c 13/05/24
Greencoat UK Wind Kate Nurse Outperform 09/05/23 116p 137p 13/08/26
          157p 16/10/25
Greencore Group Gary Martin/Cathal Kenny Outperform 04/04/24 254p 360p 04/03/26
          325p 15/01/26
Greggs Gary Martin Neutral 12/08/26 2028p 1800p 12/08/26
    Outperform 26/11/25   1730p 26/11/25
Heidelberg Materials Colin Sheridan Underperform 30/05/24 14175c 17200c 16/09/25
Hill & Smith Colin Grant Neutral 09/06/25 3320p 2600p 20/05/26
Holcim Colin Sheridan Neutral 14/01/22 6662chf 6600chf 16/09/25
Hostelworld Paul Ruddy Outperform 15/12/15 103p 139p 04/08/26
Howden Joinery Flor O'Donoghue Outperform 31/03/22 762p 915p 17/01/25
hVIVO Colin Grant Outperform 11/10/23 6.1p 18.0p 23/07/26
IAG Stephen Furlong/Ava Costello Outperform 14/01/26 438p 525p 14/01/26
Ibstock plc Flor O'Donoghue Neutral 30/06/25 84.8p 135p 28/11/25
IMI plc Colin Grant Neutral 20/05/26 3136p 2800p 20/05/26
IRES REIT Colin Grant Restricted 28/09/26 130c    
Irish Continental Group Stephen Furlong/Ava Costello Outperform 30/08/18 794c 730c 05/09/25
Jet2 plc Ava Costello/Stephen Furlong Outperform 02/10/26 1437p 1890p 02/10/26
    Neutral 14/01/26   1260p 28/05/26
          1500p 14/01/26
Kenmare Colin Grant Outperform 03/10/16 189p 550p 28/04/26
Kerry Group Cathal Kenny Outperform 30/06/09 8520c 10100c 22/01/26
Kingspan Group Flor O'Donoghue Outperform 12/05/11 10210c 13300c 18/08/26
lastminute.com Ava Costello/Stephen Furlong Outperform 28/05/26 942chf 1940chf 28/05/26
Lufthansa Stephen Furlong/Ava Costello Outperform 24/01/22 767p 1200p 17/05/23
Malin Corporation Colin Grant Outperform 29/09/15 700c 1550c 15/03/18
Marshalls Flor O'Donoghue Neutral 10/11/21 175p 185p 28/11/25
Mincon Group Colin Sheridan Outperform 14/02/14 84c 82c 12/03/26
Mondi Ciaran Mulqueen Neutral 25/05/26 814p 850p 25/05/26
Norwegian Air Stephen Furlong/Ava Costello Neutral 01/09/15 1210nok 1750nok 14/01/26
On the Beach Ava Costello/Stephen Furlong Outperform 03/07/25 182p 230p 02/10/26
          250p 28/05/26
Origin Enterprises Cathal Kenny Outperform 30/06/09 400c 460c 21/10/22
Permanent tsb Group Diarmaid Sheridan Restricted 30/10/25 296c    
Persimmon Ciaran Mulqueen/Colin Sheridan Outperform 14/09/26 1315p 1412p 14/09/26
          1000p 27/05/26
Robertet Gabriele Bunyte/Cathal Kenny Neutral 16/12/25 74400p 90000c 16/12/25
Ryanair Holdings Stephen Furlong/Ava Costello Outperform 07/12/09 2349c 2750c 25/09/26
          3400c 14/01/26
Saint-Gobain Group Flor O'Donoghue/Kate Nurse Outperform 29/01/21 6904c 10440c 19/02/26
SigmaRoc Kate Nurse Outperform 18/09/24 129p 148p 29/10/25
Smurfit Westrock Ciaran Mulqueen Outperform 08/07/24 4410USc 4600USc 23/03/26
SSP Group Tara Tabesh/Paul Ruddy Outperform 18/06/26 191p 225p 18/06/26
Stelrad Flor O'Donoghue Outperform 11/05/23 144p 175p 28/11/25
Symrise Cathal Kenny Outperform 24/03/20 9176c 9350c 22/01/26
Taylor Wimpey Ciaran Mulqueen/Colin Sheridan Outperform 10/09/13 86p 100p 27/05/26
Travis Perkins Flor O'Donoghue Neutral 28/05/20 611p 685p 08/04/25
TRIG Kate Nurse Neutral 09/05/23 79.9p 135p 05/03/24
Uniphar Colin Grant Outperform 27/08/19 406c 670c 05/05/26
Vistry Group Ciaran Mulqueen/Colin Sheridan Neutral 24/12/24 258p 325p 27/05/26
Volution Flor O'Donoghue Outperform 08/04/26 653p 700p 08/04/26
          660p 28/11/25
Weir Group plc Colin Grant Neutral 23/01/26 2702p 2500p 20/05/26
          3000p 23/01/26
Wizz Air Holdings Stephen Furlong/Ava Costello Neutral 17/01/24 1053p 1400p 14/01/26
XPS Pension Services Thomas Ryan Outperform 07/01/25 304p 436p 07/07/26

* The validity period for all ratings and price targets is 12 months.

** Market price as of close September 30th 2026.

Last updated: October 2nd 2026