Berenberg raises target price on Trustpilot
By Iain Gilbert
Date: Thursday 16 Jan 2025
(Sharecast News) - Analysts at Berenberg raised their target price on reviews website operator Trustpilot from 270.0p to 330.0p on Thursday following a "positive FY24 trading update" from the group earlier this morning.
After a strong H1, Berenberg noted that Trustpilot has achieved a further acceleration in bookings growth in H2, with North America being the standout performer, delivering 29% constant currency bookings growth in H2.
As a result, the German bank increased its FY24 revenue and adjusted underlying earnings forecasts by 2% and 7%, respectively.
Berenberg also said Trustpilot's shares were trading on 5.2x FY25 enterprise value/sales ratio, which it sees as undemanding given the attractiveness of the growth profile and the longer-term opportunity.
Reporting by Iain Gilbert at Sharecast.com
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