Davy starts Moonpig at 'neutral', says valuation full
Moonpig Group
169.30p
16:34 28/03/24
3.17%
5.20p
Moonpig was under the cosh on Wednesday as Davy initiated coverage on shares of the online greeting card retailer at ‘neutral’, with a 345p price target.
FTSE 250
19,884.73
17:14 28/03/24
n/a
n/a
FTSE 350
4,383.21
17:14 28/03/24
n/a
n/a
FTSE All-Share
4,338.05
16:50 28/03/24
n/a
n/a
General Retailers
4,075.15
17:14 28/03/24
0.82%
33.33
Davy said the valuation looks full despite the "rather anaemic" equity performance since it went public in February 2021 at 350p.
"The longer-term 20/23 view seems unlikely to match either the business performance prior to IPO or the Covid-inspired bump," it said.
Davy said the risk/return profile was not compelling.
At 1240 BST, the shares were down 4.9% at 283.80p.