On Friday, Deutsche Bank updated its stance on Prosus (OTC:PROSF) NV (PRX:NA) (OTC: PROSY) shares, increasing the price target to €45.00 from the previous €42.00, while reiterating a Buy rating on the stock.
The firm's analyst anticipates that the upcoming full-year results for the 12 months ending in March 2024, scheduled to be reported on June 24, 2024, will act as a positive catalyst for Prosus shares.
Prosus, which is slated to present its full-year figures before market open and host a subsequent presentation at 4.00pm CET on the same day, has demonstrated a significant milestone with its Consolidated Ecommerce portfolio achieving a positive EBITDA in the first half of the fiscal year 2024. Deutsche Bank forecasts that this trend will extend into the second half of the year, projecting profitability at the EBIT level.
The adjustment in the price target reflects a 7% increase from the previous target, as Deutsche Bank has updated its model based on Prosus' recent performance.
The bank's analyst cited the combination of attractive revenue growth and improving profitability as key drivers behind the enhanced outlook for the company.
Investors and stakeholders can tune into the webcast presentation to gain further insights into Prosus' financial results and future prospects. With the updated price target, Deutsche Bank signals a strong confidence in Prosus, suggesting a 32% potential upside from the current levels.
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