Moneysupermarket gets a boost from Citigroup upgrade

(ShareCast News) - Moneysupermarket.com got a boost on Wednesday after Citigroup upgraded the stock to 'buy' from 'neutral' and raised its price target to 370p from 300p, pointing to improved visibility."Whilst we acknowledge the strong run in the share price, we now however take a more positive view on the long-term opportunity and upgrade to buy."It said the company's first-half results were solid, with management suggesting full-year 2015 results will be modestly ahead of consensus expectations.The bank said that while this was very reassuring, it was more interested in further management disclosure regarding data on market dynamics."Total market by number of products has been previously revealed; however, this time growth rates for the market, as well as data regarding the online penetration and Moneysupermarket product volumes, were also discussed. This gave us increased comfort as to the businesses' long-term growth potential."Citi welcomed management's clarity on technology investment target returns. It also highlighted the fact that management flagged potential for acquisitions or special dividends, driving scope for earnings upside and increased shareholder returns.At 1043 BST, Moneysupermarket shares were up 1.5% at 319p.