(News Bulletin 247) – Berenberg on Tuesday renewed its buy recommendation as well as its target price of 12.5 euros on flatexDEGIRO, believing that the online broker was doing quite well given current conditions.
In a research note published in the morning, the analyst points out that the volumes of activity of European investors have fallen to historic lows since April, an element likely to weigh on the performance of brokers in line such as flatexDEGIRO.
The intermediary nevertheless believes that the activity figures communicated by the group for the first three months of the year can encourage some optimism.
The level of activity recorded since the beginning of the year, he explains, is solidly above the low point reached at the end of 2022, with growth in the customer base still much higher than that of its main competitors.
Adding to this a market valuation deemed ‘very undemanding’, Berenberg considers the current risk/reward profile of the stock as ‘particularly attractive’.
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