Breaking News: Citi Raises Opera Stock Price Target to $21 After Stellar Q2 Results
Citi has upgraded its outlook on Opera stock (NASDAQ: NASDAQ:) following the company's impressive second-quarter financial results for 2024. The stock price target has been raised to $21 from $19, with a Buy rating maintained.
Opera reported a 17% year-over-year increase in total revenue, reaching $109.7 million, surpassing both Citi's and Bloomberg consensus estimates. Adjusted EBITDA also saw a significant 30% year-over-year rise to $26.6 million, exceeding guidance.
The company's third-quarter revenue and adjusted EBITDA forecasts have been revised upwards, indicating a positive outlook for the near future. Management credits the strong performance of the e-commerce vertical for this optimism.
Citi's new price target is based on a multiple of 19 times the revised 2025 estimated earnings per share of $1.11, reflecting confidence in Opera's growth potential. The firm's decision to maintain a Buy rating further underscores this confidence.
InvestingPro Insights:
- Opera's market capitalization is $1.28 billion, with a healthy P/E ratio of 7.19.
- The company's adjusted P/E ratio for the last twelve months is 17.99, indicating investor confidence.
- Opera's strong cash position exceeds its debt, providing a solid balance sheet.
- Revenue growth of over 18% in the last twelve months and a 19.72% stock increase over the last month highlight Opera's positive trajectory.
Overall, Opera's recent financial performance, optimistic outlook, and strong market position make it an attractive investment option. Investors looking for a promising growth stock with solid financial fundamentals should consider Opera for their portfolio.
For more in-depth analysis and insights on Opera's financial health and market performance, visit InvestingPro's dedicated Opera page.