PPH – Credit Suisse rates the stock as Outperform

Credit Suisse expects FY21 to be “remarkable” with a shift to digital donations accelerating significantly and the platform becoming indispensable to clients.

While acceleration over the last six months may be a pulling forward of demand and creating a challenging base to cycle in FY22 the broker still envisages a significant opportunity.

Credit Suisse also expects Pushpay to exceed FY21 guidance of US$50-54m (EBITDAF), forecasting US$57.2m. Outperform retained. Target rises to NZ$9.30 from NZ$6.54.

Sector: Software & Services.

Current Price is $7.54. Target price not assessed.

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