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Monadelphous Group Limited shares up 5% on broker upgrade

Credit: iStock

The Monadelphous Group Limited (ASX: MND) share price was one of the biggest movers on the market on Friday.

The engineering company’s shares finished the day 5% higher at $18.76.

Why did its shares climb higher?

Today’s gain appears to be related to a broker note out of the Macquarie equities desk this morning.

According to the note, its analysts have upgraded Monadelphous’ shares all the way from an underperform rating to outperform. Furthermore, the broker has increased its price target to $19.45 from $17.35.

Macquarie’s analysts made the move due to their belief that the current operating environment has improved thanks to a recovery in the resources and infrastructure industries. The broker has tipped Monadelphous to win a good share of upcoming tender opportunities, putting it in a position to deliver solid revenue growth.

The shares of industry peers Downer EDI Limited (ASX: DOW) and Worleyparsons Limited (ASX: WOR) also climbed higher today.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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