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23 Feb, 2021 13:50 23 Feb, 2021 13:50

Berenberg raises target price on Future

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.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.