Davy starts Moonpig at 'neutral', says valuation full
Moonpig Group
251.50p
09:04 05/11/24
1.41%
3.50p
Moonpig was under the cosh on Wednesday as Davy initiated coverage on shares of the online greeting card retailer at ‘neutral’, with a 345p price target.
FTSE 250
20,518.09
09:10 05/11/24
n/a
n/a
FTSE 350
4,523.94
09:10 05/11/24
n/a
n/a
FTSE All-Share
4,480.83
09:10 05/11/24
n/a
n/a
General Retailers
4,511.97
09:09 05/11/24
0.23%
10.53
Davy said the valuation looks full despite the "rather anaemic" equity performance since it went public in February 2021 at 350p.
"The longer-term 20/23 view seems unlikely to match either the business performance prior to IPO or the Covid-inspired bump," it said.
Davy said the risk/return profile was not compelling.
At 1240 BST, the shares were down 4.9% at 283.80p.