Berenberg ups price target, revenue estimates for Boku

(Sharecast News) - Berenberg has upped its price target for tech firm Boku, after first half trading beat expectations.
The mobile payments and ID specialist said on Tuesday that interim revenues would be "at least" $34m, up 37% on the previous year, while adjusted earnings before interest, tax, deductibles and amortisation had jumped 50% to $9.6m.

The firm also expects its full-year performance to be ahead of expectations as a result of the strong first half.

Berenberg, which has a 'buy' rating on the Aim-listed stock, upped its target price to 260p from 190p following the update, and increased its revenue estimates.

It said: "Ahead of expectations, with so much more to come. Boku delivered a very strong first half update, with payments revenue and EBITDA well ahead of expectations, and its Identity segment returned very strong growth also. This leads us to upgrade our full-year 2021-2023 revenue estimates by 5%.

"More exciting is Boku's expansion into other mobile-first payment methods, which not only significantly expands its addressable growth opportunity, but also increases its strategic value."

As at 1415 BST, shares in Boku were ahead 4% at 171.0p.