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flatexDEGIRO: Berenberg still says Buy, TP E12.5

( - On Tuesday Berenberg renewed its buy rating on flatexDEGIRO shares, along with its target price of E12.
5, believing that the online broker is doing pretty well in current conditions.

In its morning comments, the analyst notes that European investor volumes have fallen to historic lows since April, a factor that could well weigh on the performance of online brokers such as flatexDEGIRO.

However, the broker believes that the trading figures it communicated for Q1 give grounds for some optimism.

Activity recorded YTD, it explains, is significantly above the low point reached at the end of 2022, with growth in the customer base still significantly above that of its main competitors.

In addition, Berenberg considers its stockmarket valuation "very undemanding", while its current risk/reward profile is "particularly attractive".

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