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Investing.com - Berenberg has raised its price target on IONOS (ETR:IOS) to EUR43.00 from EUR32.00 while maintaining a Buy rating on the web hosting company’s stock.
The price target increase follows IONOS’s Q2 results, which showed significant strength in the company’s core Web Presence & Productivity subsegment.
According to Berenberg, IONOS added 70,000 net new customers in the quarter within this core business segment.
The company also achieved growth in average revenue per user and delivered what Berenberg described as a "wide EBITDA margin" in the quarter.
Berenberg expects the momentum in IONOS’s core business to continue, supporting its decision to maintain a constructive view on the company’s shares.
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