Future PLC's (LSE:FUTR) shares have been left languishing at 652p, but Deutsche Bank and Panmure both think the story has been oversold. Deutsche has a 'buy' rating and a target of 1,875p, while Panmure is similarly bullish with an 1,800p target.
Both banks took stock after an investor webinar where management pitched new products and talked up the group’s ability to keep its “platform effect” humming.
The event featured chief executive Jon Steinberg’s successor, Kevin Li Ying, along with senior lieutenants across e-commerce, women’s lifestyle and sports.
The message was that Future’s audience remains loyal to its mix of expert advice, engaged communities and trusted brands, and that new tools such as Collab, Signal and Future+ will deepen that relationship.
As Panmure noted, the emphasis was firmly on fundamentals rather than hype. Artificial intelligence got only a passing mention, despite being the cloud over all online publishers.
That omission did not go unnoticed. Under questioning, executives admitted that search traffic has been dented in parts of the portfolio by changes to how Google handles AI results.
The impact varies by title, with TechRadar holding up well ahead of the seasonal shopping spike, but elsewhere the picture is mixed. Panmure’s take was that the issue is not catastrophic, but equally not one that will shift the bearish narrative in the short term.
Deutsche, for its part, highlighted the value in the pipeline of new product initiatives, which it believes strengthen Future’s position to scale its model.
The bank’s analysts see the combination of diversified revenue streams and trusted brands as the route to restoring confidence, though they acknowledged the industry backdrop remains tough.