Local tech company Pushpay Holdings led the NZX 50 higher, rising 5.8 percent to $8.20, spurred on by another analyst's view. Research firm Jarden upgraded the stock to ‘outperform’ and hiked its target price to $9.30, adding a hefty $2.76 to its previous target. “Pushpay was always going to be strong today because the US tech sector had a good night and it shares that thematic, but it will have been helpful to have a broker push through an upgrade,” said Mark Lister, head of private wealth research at Craigs Investment Partners. The analysts said in a note they expect three years of growth to be compressed into one, bringing a 55 percent increase in donation volume and corporate earnings growth of 128 percent. “FY21 will be a remarkable year in Pushpay’s trajectory, with the shift to digital donations accelerating significantly, and its platform becoming indispensable to clients,” they wrote.
PPH Price at posting:
$7.87 Sentiment: Hold Disclosure: Held
