Analysts at Liberum bumped up their target price for shares of contracts-for-difference specialist Plus 500’s latest quarterly trading update.
In particular, they highlighted the firm’s recent acquisition in the US and expected roll-out of its new share=dealing platform in the back half of 2021.
On the back of those drivers, the analysts decided to revise their estimates for 2021-23 “materially” higher, while raising their target price from 2,090.0p to 2,220.0p.
They also noted the 20% jump in active customers over the first six months of the year, despite regulatory changes in Australia and the reduction in overall market volatility, as well as its “strong” operating cash conversion of 87%.
Liberum kept its recommendation for the shares at ‘buy’.
