Avast (AVST)

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Share Price:
493.50p
Market Cap:
5,083m
Change Today:
7.80p
Sector:
IT Services

Goldman Sachs initiates coverage of Avast at 'buy'

By Abigail Townsend

Date: Monday 22 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Goldman Sachs has initiated coverage of cybersecurity specialist Avast with a 'buy' recommendation, helping push the stock higher during Monday trading.
The bank said the consumer-facing software firm was set to benefit from increasing work from home trends "in a heightened cyber risk environment".

"With a geographically diversified user based of 435m+, we believe the market under-appreciates Avast's opportunity for earnings growth, further augmented by upselling/cross-selling product adjacencies, such as privacy and Internet of Things, which we expect to drive a 7% revenue compound annual growth rate and a 10% free cash flow CAGR for Avast.

"We therefore see an attractive opportunity ahead of the first half results on 12 August, and in listed the stock at 'buy' with a 12-month price target of 600p, offering 21% upside."

Avast, which debuted on the London market two years ago, joined the FTSE 100 earlier this month. Last year it reported full-year earnings before interest and tax of $460m on revenues of $873m. Goldman Sachs is forecasting 2020 revenues of $897m and EBIT of $473m.

As at 1445 BST, shares in Avast were ahead 3% at 523.50p

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Avast Market Data

Currency UK Pounds
Price 493.50p
Change Today 7.80p
52 Week High 600.00p
52 Week Low 420.00p
Volume 2,734,520
Shares Issued 1,030.01m
Market Cap 5,083m

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What The Brokers Say

Strong Buy 12
Buy 0
Neutral 1
Sell 0
Strong Sell 1
Total 14
strong_buy
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