Broker snap: Peel Hunt raises numbers for Moneysupermarket.com

8th Jul 2011 12:14

Peel Hunt placed its target price and recommendation under review for price comparison website Moneysupermarket.com following the firm's strong first half trading update.The group said that overall revenue in the six months ended 30 June grew 23% to £88.3m, "suggesting [like-for-like] growth in Q2 was as strong as Q1, despite the comps becoming harder," said analyst Malcolm Morgan."With H2 comps becoming much tougher, if we assume a 15% growth in H2 revenue this would imply full-year revenue of c£178m, up £10m from current forecasts," he said.As such, the broker raised its pre-tax profit for the current year from £41.4m to £44.4m."In the light of the upgrade and the strong top line growth, we place our target price and recommendation under review."BC