Berenberg keeps Darktrace at 'buy' after EY review

(Sharecast News) - Analysts at Berenberg reiterated their 'buy' recommendation for shares of Darktrace in the wake of the company's closing update and the conclusion of a review by Ernst & Young. The update was ahead of that issued in September with full-year revenues pegged to come in up by 31%, in line with consensus.

Guidance for the 2024 financial year was for revenues to increase by 22-23.5%, against consensus on 24%.

However, the cybersecurity specialist had maintained a higher than expected forecasts for margins in EBITDA terms which offset the slightly softer-than-anticipated guidance for 2024 revenues .

As for the EY review, management had concluded that it had no impact on its financial statements nor its view of fair representation.

The target price for the shares was kept at 600.0p.