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Jefferies has 'renewed confidence' for LSEG, hikes target price
(Sharecast News) - Jefferies has hiked its target price for London Stock Exchange Group (LSEG) from 1,110p to 1,150p and maintained a 'buy' rating, saying it sees "clear upside risk to consensus". The broker described 2024 as a "transitional year" for LSEG's equity story, with the company's diversified model reaping clear benefits
"Elongated sales cycles and customer cancellations are weighing on peers, but LSEG's messaging on subscription income trends is resolutely robust," Jefferies said.
"The initial rollout of its Microsoft-related product enhancements remain on track, supporting an anticipated top-line growth acceleration from next year. Meanwhile, record activity levels at Tradeweb and solid growth at LCH are providing valuable ballast."
The broker said it has "renewed confidence" that LSEG can deliver a pick-up in subscription income growth from 2025 onwards, predicting that the company is in the "early stages of a multi-year earnings acceleration and multiple-expansion journey".
Despite the positive comments, shares were down 0.1% at 9,314p by 0925 BST.
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