Credit Suisse cuts forecasts for Moneysupermarket.com

The bank, which has also cut its target price for the price comparison website to 250p from 290p, said gas and power prices were "at extremes".

It continued: "Gas and power curves are in backwardation, leaving the standard variable tariff now significantly cheaper than fixed deals. This has meant that consumers ending fixed terms would be rational to default onto the SVT rather than switching to a new fixed term. As such, the switching market has effectively ceased, in our view."

As a result, Credit Suisse has reduced its 2021 full-year estimates for adjusted earnings before interest, tax, depreciation and amortisation by 7.6% to £95.5m compared to the consensus for £97.8m. It has also reduced forecast revenues for the year by 3%.

Catalysts include a fall in wholesale energy process, new product launches by financial institutions and a new management strategy, Credit Suisse argued. Risks include regulation, rising energy prices and further uncertainty which in turn would affect bank product launches.

Credit Suisse has a ‘neutral’ rating on Moneysupermarket.com.

Shares in Moneysupermarket.com were largely flat as at 1430 BST, at 206.4p. The stock has lost 20% of its value over the last month.