Last checked at (Sharecast News) - Analysts at Berenberg raised their target price on market research company YouGov from 920.0p to 1,020.0p on Tuesday after the firm's full-year results came in slightly ahead of consensus.
In Berenberg's view, the underlying drivers outlined in YouGov's full-year report card will be the focus for investors, with strong like-for-like growth within its custom research unit likely going a way to raise confidence that the company was delivering on its five-year strategic targets.
This prompted the analysts to upgrade their earnings per share forecasts by 4%, 11% and 17% in 2021, 2022 and 2023, respectively.
The German bank acknowledged that current macro-economic conditions still warranted "some caution", but highlighted that YouGov's 2020 results proved that it had "a superior data platform" and "material growth opportunities".
"It is supported by fast-growing data products and a burgeoning opportunity to target larger research engagements across the market," said Berenberg, which also maintained its 'buy' rating on the stock.
22 Apr 2020 12:20
YouGov posts good first half, sees no Covid impact yet
(Sharecast News) - YouGov reported revenue growth of 16% in its half-year results on Wednesday, slowing from 18% year-on-year, with its underlying business growth coming in at 15%.
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