Analysts at Jefferies have revised their price target on Australian contractor Seven Group (ASX:SVW), increasing it by 13% to A$30.08 per share.

The company has reported EBIT growth of 20% for FY23, surpassing both its own and market estimates.

According to Jefferies, the macroeconomic context continues to support a favourable forecast for Seven Group.

They predict high single-digit EBIT growth in FY24.

Furthermore, the positive results posted by building materials maker Boral earlier in the month are said to be a significant driving factor for Seven Group’s forecasts.

This year, up to the last close, the stock of Seven Group has risen by 28.7%.

Seven Group is an Australian industrial services and media company.