(Sharecast News) - Analysts at Berenbeg hiked their target price on British media company Future from 2,280.0p to 2,600.0p on Tuesday after the firm stated it expects 2021 full-year adjusted underlying earnings to be materially ahead of expectations.
Berenberg made the target price move as Future's own upgrade was driven by a continuation of the strong trends seen in its media division in the first four months of the trading year.
Combined with the recent completion of its GoCo acquisition and the newly announced Australian acquisition of Mozo, Berenberg increased its full-year 2021-22 earnings per share estimates by somewhere between 14% and 23%.
The German bank also believes its 2021-22 forecasts to still be "very conservative" as they imply a slowdown in current organic trading and no revenue or marketing return on investment synergies from GoCo or Mozo, which it also believes could be "material".
"Future, therefore, remains one of our top picks in our UK smid-cap technology and media coverage," concluded Berenberg, which stood by its 'buy' rating on the stock.
Future (FUTR)3 May 2024 09:24
IN BRIEF: Future names Sharjeel Suleman CFO after Ladkin-Brand's exit
Future PLC - Bath, England-based publishing company and owner of titles including Homes and Gardens and Marie Claire - Appoints Sharjeel Suleman as ch...
