LONDON (ShareCast) - (Sharecast News) - JPMorgan Cazenove lifted Trustpilot to 'overweight' from 'neutral' on Wednesday and upped the price target to 150p from 100p, as it said EBITDA was at a turning point and the top line has been de-risked.
JPM said it was upgrading "given our view that management are making use of attractive unit economics to extract operational leverage quicker than consensus previously expected".

The bank said it also believes the valuation backdrop has significantly improved, noting that the shares de-rated around 75% through 2022 and now trade at a discount of approximately 50% to European software peers.

"While we remain cognisant of top-line risk, we reflect this in our bookings estimates (2% below consensus for FY23 and FY24)," it said.

"Crucially, we believe the group's profitability is at an inflection point, and see upside to management's FY24 adjusted EBITDA breakeven guidance, as we forecast $4.4m."

At 0930 GMT, the shares were up 3.6% at 108.80p.

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