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IG Group upgraded by Numis

21 September 2017 16:17

Numis has upgraded IG Group (LON:IGG) to an add rating (from hold) after the online financial trading company delivered a strong first quarter performance.

The broker increased its estimates on the back of the results and upped its target price to 697 pence per share (from 638 pence).

Specifically, Numis upgraded its revenue forecast by 7% for this year and its profit forecasts by 12%.

"We continue to conservatively model a significant negative impact from increased regulation next year but our revenue and profit forecasts increase by a similar amount to this year," analysts said.

At 4:17pm: (LON:IGG) IG Group Holdings PLC share price was +25.25p at 643.75p

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