Shares of ALS (ASX:ALQ) closed up by 1.2%, reaching A$13.06.

This optimism is bolstered by analysts at Macquarie who predict that ALS will deliver its 2024 net profit after tax (NPAT) of A$324 million ($214.4 million), which is at the higher end of the company’s guidance.

The brokerage firm has hiked its target price to A$14.25 per share from A$13.60, and continues to maintain an ‘outperform’ rating for the company.

Macquarie’s revised price target is the highest among nine analysts covering the stock, and it is notably above the median price target of A$13.20.

ALS holds a 49% stake in Nuvisan and has the option to acquire the remaining stake.

Macquarie estimates that ALS could purchase an additional 51% stake in Nuvisan for approximately A$185 million.

Moreover, the majority of the ten analysts covering ALS rate the stock as ‘buy’ or higher.

One analyst gives a ‘hold’ rating and one rates it as ‘sell’.

As of the last closing, the shares of ALS are up 0.4% for the year.

ALS is a global services company that specializes in testing, inspection and certification.