Perenti (ASX:PRN) has significantly lowered its exposure to higher-risk Africa over the past five years, warranting a re-rate and making the company "much more investable than in the past," Jefferies said in a Friday note.

The percentage of the company's pipeline exposed to Africa declined to 29% in the second half of 2025 from from 62% in the first half of 2020, while its exposure to the tier 1 regions of Australia and North America increased to 71% from 38% over the same period,

The reduced exposure helps address a key historical issue for investors and "represents a welcome shift," Jefferies said, adding that it expects Perenti to continue moving away from Africa and toward North America.

"Whilst there's a margin give-up in shifting from high-risk jurisdictions like West Africa to Australia/North America, we think it's worth it, particularly given there is a very large opportunity to take Barminco with its advanced processes, high productivity and safety record into North America," the equity research firm said.

Jefferies maintained a buy rating on Perenti while raising its price target to AU$2.70 from AU$2.45.

Shares of Perenti gained 1% in recent Monday trade.