Berenberg lifts Moonpig price target

MoonpigSharecast graphic / Josh White

Moonpig Group

190.60p

16:40 28/06/24

4.15%

7.60p

Berenberg lifted its price target on Moonpig on Friday to 280p from 265p as it said the strategic initiatives implemented by management are bearing fruit.

FTSE 250

20,286.03

17:14 28/06/24

n/a

FTSE 350

4,495.85

17:14 28/06/24

n/a

FTSE All-Share

4,451.92

16:54 28/06/24

n/a

General Retailers

3,789.21

17:14 28/06/24

-1.86%

-71.92

"Moonpig’s technology-led strategy is delivering an improved customer experience, which is translating into stronger financial outcomes," it said.

"The market had previously questioned whether this strategy could yield such improvement, making the strength of the FY 2024 result particularly pleasing.

"Improved P&L outcomes accompanied significant deleveraging in FY 2024, which we expect to provide Moonpig with capital return optionality."

Berenberg - which reiterated its ‘buy’ rating on the stock - said it expects the strategic progress in FY 2024 to continue and deliver revenue growth acceleration beyond existing consensus estimates.