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Meggitt Shares in Meggitt (LSE: MGGT) are now back to their 2014 high, when the company was rumoured to be a bid target for US rival, United Technologies Corp. Of course, the bid did not materialise and Meggitt’s share price tumbled, with a profit warning also causing its value to decline as investors doubted the company’s ability to turn its fortunes around. However, Meggitt seems to be doing just that, with its bottom line expected to rise by an impressive 17% this year, followed by a further 8% next year. And, with it trading on a P/E ratio of 15, this equates to a price to earnings growth (PEG) ratio of just 0.9, which indicates that Meggitt’s shares could reach higher highs during the course of the year.
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