LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity raised their target price on marketing research outfit System1 Group from 300.0p to 370.0p on Wednesday after the firm's results came in ahead of expectations.
Canaccord stated that while there were no "major surprises" in System1's full-year results, on an adjusted basis they were ahead of its expectations - with revenue 1% ahead at £22.8m and adjusted pre-tax profits of £3.1m being 4% ahead.

The Canadian bank said it values System1 based on prospective 12-month blended peer group multiples for price-to-earnings, enterprise value/sales and enterprise value/underlying earnings relative to its 2022 full-year estimates.

"While we have adopted a slightly broader peer group, we note the implied multiples are similar to our previous April 2021 analysis," said Canaccord, which kept its 'buy' rating on the stock unchanged.

"However, our upgraded estimates see the suggested value per share increase to 370.0p, at which we set our target price, implying 72% upside to the current share price."

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