Following an increase in its price target, Brambles shares have experienced a boost.

Analysts at Macquarie have raised the price target on Brambles from A$15.05 per share to A$15.45 per share.

This has been reflected in a 1.9% rise of Brambles shares to A$14.63, marking its most productive day since August 30.

Macquarie anticipates that the logistics firm will augment its earnings forecast for the fiscal year 2024.

Furthermore, the company is expected to see an underlying profit growth of 9-12% for the FY24.

Macquarie projects an increase in EPS by 1-3% over FY24 to FY26.

Brambles continues to maintain its ‘outperform’ rating.

Out of fifteen analysts, nine rate the stock ‘buy’ or higher, while four maintain a ‘hold’, and two have a ‘sell’.

The median price target stands at A$16.0, in accordance with LSEG data.

The stock has seen a 19% rise this year, up until the last close.

Brambles is an Australian logistics company well-known for its operations in supply-chain logistics.