JP Morgan sees Trustpilot Group PLC (LSE:TRST) as a "clear AI winner" with potential upside of more than 100% over the next four years.
In a research note, analyst Joseph George maps out a path for Trustpilot (LON: TRST), the online consumer reviews platform, to reach its target of a 30% adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) margin by 2030.
JPM's illustrative model suggests Trustpilot could grow adjusted EBITDA and free cash flow at a compound annual rate of more than 30% between 2026 and 2030, a pace well above the sector average across the bank's software coverage.
The bank's research indicates that growth will be supported by rising consumer adoption of AI tools, citing data showing Trustpilot was the fifth most cited domain globally on ChatGPT through January 2026, despite its relatively modest scale compared with widely trafficked sites such as Wikipedia and Reddit.
JP Morgan argues those network effects, whereby greater usage reinforces the platform's value, should also support margin expansion over time.
Applying typical high-growth software valuation multiples to its 2030 estimates, JP Morgan sees Trustpilot's shares trading close to £5 by December 2029, implying a compound annual return of more than 20% from current levels.
The bank notes the shares have pulled back 13% from recent highs, partly due to a block listing, following a rise of more than 30% on the day of the company's full-year 2025 results.
JP Morgan views the retreat as an attractive entry point, particularly given what it sees as significant runway in Trustpilot's less mature North American market.
The bank reiterates its 'overweight' rating and December 2026 price target of £3.50. In early afternoon trading, the shares were changing hands for 225.4p, up 6%.