Berenberg raises target price on YouGov

Analysts at Berenberg raised their target price on market research company YouGov from 920.0p to 1,020.0p on Tuesday after the firm's full-year results came in slightly ahead of consensus.

In Berenberg's view, the underlying drivers outlined in YouGov's full-year report card will be the focus for investors, with strong like-for-like growth within its custom research unit likely going a way to raise confidence that the company was delivering on its five-year strategic targets.

This prompted the analysts to upgrade their earnings per share forecasts by 4%, 11% and 17% in 2021, 2022 and 2023, respectively.

The German bank acknowledged that current macro-economic conditions still warranted "some caution", but highlighted that YouGov's 2020 results proved that it had "a superior data platform" and "material growth opportunities".

"It is supported by fast-growing data products and a burgeoning opportunity to target larger research engagements across the market," said Berenberg, which also maintained its 'buy' rating on the stock.