Trainline PLC (LSE:TRN) lost market share last month, UBS noted as it cut its share price target from 480p to 455p.
Total UK rail market volumes rose roughly 9% in April, reaching around 91% of pre-COVID levels.
This could lead to 9% net ticket sales growth for Trainline's UK consumer division, UBS calculated.
Trainline's UK app usage grew by around 6% in April, with a market share of 86%, down from 90% in March 2024.
In Europe, Trainline gained market share in Italy and maintained its position in Spain, while competition remained significant in France.
UBS reiterated its 'buy' and said it reduced its price target as it lowered its earnings estimates following the company’s full-year earnings release, factoring in weaker guidance and higher interest costs.