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Deutsche Numis reiterates 'buy' rating on Darktrace
(Sharecast News) - Deutsche Numis reiterated its 'buy' recommendation and 520p price target on Darktrace on Monday as it said first-half profitability was "materially" ahead of expectations. Deutsche said topline momentum reflects progress on GTM (Go to market) changes and a stabilising macro backdrop, underpinning expectations for a return to growth in net annualised recurring revenue (ARR) added in H2.
"We upgrade our adjusted EBITDA margin forecasts for FY24-FY26 and continue to see further upside risk to margin estimates," it said.
"Longer-term, we see the opportunity for increased focus on channel partners to potentially significantly increase the addressable market for Darktrace's products while efforts to more effectively target strategic accounts may help drive higher ARR/customer."
Deutsche Numis said that while the results of this process will take some time, progress in these areas could provide a significant boost to ARR growth through FY25/FY26.
The shares closed up 15.6% at 436.20p.
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