RBC Capital starts coverage of Trustpilot at 'outperform'
RBC Capital Markets initiated coverage of Trustpilot on Monday with an ‘outperform’ rating and 290p price target.
Trustpilot Group
27 October 2025 17:33:22
Source: Sharecast
"Trustpilot has turned first-mover advantage into strong market positions in its key regions and is executing on its shift to higher value, stickier Enterprise customers," the bank said.
"This drives mid-teens top-line growth (circa 6% CAGR FY24-27e), underpinned by Net Dollar Retention of circa 100% post the package migration, whilst our proprietary analysis suggests a long runway of potential embedded growth in the platform."
RBC said Trustpilot will be a net beneficiary of the proliferation of AI, playing an important role in protecting consumer trust.
"We value TRST on 4.5x FY27e EV/Sales, driving a 290p price target, justifying an outperform recommendation," it said.
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