Avast (AVST)

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

Peel Hunt lifts Avast price target on higher revenue expectations

By Michele Maatouk

Date: Friday 10 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Peel Hunt upped its price target on cybersecurity company Avast to 355p from 322p on Friday, citing higher revenue expectations as people spend more time on their computers due to the Covid-19 pandemic.
The broker, which rates the stock at 'sell', said it also expects Avast to continue to benefit from the growing demand for privacy products.

Peel said that as Avast mentioned in its first-quarter trading update, the impact of Covid-19 has been net positive, as it has for competitors such as Kape.

"Although"Avast experienced weaker trends in small and midsize businesses (SMB) and its indirect channel was hit by lower ad spend, the desktop unit outperformed, meaning the net impact was positive given the latter's size.

"We expect these benefits to continue over the following quarters, as revenues are recognised over the contract length, typically one year or more."

As a result, the broker upgraded its FY20 adjusted revenue estimate from $874.7m to $896.9m.

"However, we still believe long-term risks remain and are not priced in sufficiently," it said.

At 1425 BST, the shares were up 2.2% at 566p.

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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