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(Sharecast News) - Analysts at Berenberg raised their target price on specialist consultancy services provider Alpha Financial Markets from 480.0p to 530.0p on Wednesday following the group's interim results.
Berenberg said Alpha FMC's first-half results showed "a remarkable acceleration in growth" across all divisions and geographies.
"In the first six months of the year, net fee income grew by 56.5%, with 45% organic growth, a 3% benefit from the annualisation of last year's Lionpoint acquisition, and an 8% FX benefit," said Berenberg.
"Our prior forecasts and the company's target of double-digit organic growth have been materially outperformed."
The German bank said this was evidence of a business performing "exceptionally well", proving both the "strength of its structural drivers" as well as the analysts' views on Alpha's "competitive advantage" against its larger competitors.
Further down the profit and loss, adjusted earnings per share were up 43% year-on-year at 14.1p, already at the level the business achieved in the entirety of the 2020 trading year.
"We upgrade our FY23 forecasts by 10%, with our price target moving up similarly to 530.0p. This assumes 11.6% growth for the full year - a clearly conservative assumption given the group's current momentum," said Berenberg.
Reporting by Iain Gilbert at Sharecast.com
