UBS is sticking with its upbeat view on Trustpilot Group PLC (LSE:TRST), keeping a 'buy' rating but trimming its price target slightly to 370p from 400p.
Even so, that still implies nearly 73% upside, a strong vote of confidence that the online reviews platform can turn the rise of generative AI to its advantage.
The central debate, UBS says, is whether chatbots and AI search tools will eat into Trustpilot’s traffic or enhance it. The evidence so far points to the latter.
Mentions of Trustpilot content within AI models have soared, with impressions on Google’s Gemini up 80% year on year and citations on ChatGPT up 246%.
Recent data from analytics firm Similarweb also suggest that referrals from AI platforms convert at more than double the rate of traditional organic search,11.4% versus 5.3%.
That shift toward higher-quality traffic, UBS argues, gives Trustpilot a “net positive mix” even if overall volumes are smaller.
The bank also highlights a growing opportunity in data monetisation. Management sees a total addressable market of $55 billion across adjacent data products, while TrustLayer and TrustSource are already generating new recurring revenue streams.
UBS notes that licensing Trustpilot’s structured review data to AI model developers such as OpenAI or Google could, over time, add between 1–4% to revenue and up to 13% to EBITDA by 2030.
Even setting aside the AI upside, UBS sees Trustpilot as a structurally advantaged business. It expects mid-teens revenue growth, expanding margins and rising cash generation as its software-as-a-service model scales. EBITDA margins are forecast to reach about 20% by 2030.
UBS concludes that the shares still do not reflect Trustpilot’s improved profitability and strategic relevance in the era of generative AI, a reminder that sometimes, even in the world of algorithms, reputation still counts.