Shares in London Stock Exchange Group PLC's (LSE:LSEG) rose 3% to just above 8,880p for the first time since March 2020, as the feedback from its investor event last week continued to filter through.
The latest was Citigroup, which having sifted through the details shared in last Friday's capital markets day event, hiked its target price for the shares.
The 'break-out sessions' held by the FTSE 100-listed company's divisional chiefs with institutional investors and City analysts at the CMD, Citi felt, "should help to drive conviction in future revenue growth [...] which in turn could help drive a re-rating".
Following the US$27 billion Refinitiv acquisition, agreed in the summer of 2019 and not completed until early 2021, the business model "continues to evolve", the bank said, helped by subsequent investment as LSEG aims to maintain or grow share across every segment.
This comes from displacing third-party competitors and in-house client data too, the Citi analysts noted.
"The Microsoft partnership, cloud and AI adoption, should all accelerate this trend," they added, reiterating a 'buy' rating and upping the target price to £106 versus the last close at £86.82.
The CMD made an initial splash with investors with the announcement of a £1 billion share repurchase, but subsequent City reactions have been largely positive, though some analysts said the guidance was relatively wide and largely in line with expectations.
This included Jefferies, which called the event a missed opportunity, and Deutsche Bank, though its analyst said "the new LSEG has improved the assets it bought and achieved decent growth".