Portfolio

Berenberg lowers Plus500 to 'hold', raises PT

By Iain Gilbert

Date: Wednesday 08 Apr 2020

Berenberg lowers Plus500 to 'hold', raises PT

(Sharecast News) - Analysts at Berenberg raised their target price on online stockbroker Plus500 from 860.0p to 1,033.0p on Wednesday but lowered their rating on the group from 'buy' to 'hold'.
Berenberg noted that "exceptional levels of volatility" in financial markets had driven substantial numbers of new customers to Plus500's platform in the first quarter, resulting in the company's highest number of quarterly active customers since the crypto asset bubble in 2017-18.

The German bank noted that this was mirrored in the company's financials, with Plus500's net revenue hitting $317m and underlying earnings coming in at $232m - up 230% and 309% quarter-on-quarter, respectively.

"The shares have been top performers on both a relative and absolute basis year-to-date, and will continue to benefit from volatile markets," said Berenberg.

"However, at the current price, we think that the shares are now fairly priced."

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page