Shares in Imagination Technologies Group, the company behind the technology used in Apple's new iPad, leapt to their highest level in nearly 18 years following comments from Goldman Sachs.
The broker said that the firm's royalties are set to soar, sending the share price rocketing 8.21%, or 52.50p, to 692.00p.
Analyst Simon Schafer said that "IMG remains at the heart of some of the most significant smartphone and tablet ecosystems", and forecast a 1,000p rise in the share price over the next year, compared to a previous prediction of 850p.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He also pointed out that Imagination has the highest growth potential of all European tech groups covered by the the broker.
NR
-
Norfolk or Norway? Holidays you can afford with different-sized pension potsMany people look forward to taking more holidays when they retire. But what sort of trips could your pension buy you? We look at the holidays to match different retirement incomes
-
Q&A: Issac Thong – new lead manager of Aberdeen Asian Income Fund
