Highlights

  • Berenberg issued a Buy rating on YouGov with a target price of 600 GBX.
  • YouGov reported low single-digit revenue growth for the first half of FY26.
  • Shares were trading at GBX 205.63, down over 45% year-on-year.

Shares in YouGov Plc (LSE:YOU) remained under pressure on Tuesday even as Berenberg issued a Buy rating on the international research and data analytics group, setting a target price of 600 GBX. The broker note might follow YouGov’s latest trading update for the half year ended 31 January 2026, which outlined revenue trends, divisional performance, and ongoing investment priorities.

At 10:26 am on 4 February, YouGov shares were trading at GBX 205.63 GBX, down 6.95% on the day. The stock is down by more than 45% over the past year.

Trading Update Shows Modest Revenue Growth

YouGov reported that trading during the first half of the financial year delivered low single-digit revenue growth on both a reported and underlying basis. Growth in the US and UK regions offset a slight underlying decline in the Shopper division, which was attributed to the timing of client deliveries.

For the full financial year, the group continues to expect modest year-on-year revenue growth. Operating profit delivery remains linked to cost management initiatives and the returns generated from ongoing investments.

Divisional Performance Mixed Across Markets

The Data Products division recorded stable renewal rates and is expected to deliver flat performance for the first half on an underlying basis. The company noted some weakness in media agency clients, linked to budget constraints.

The Research division achieved mid-single-digit underlying growth, supported by demand for strategic research projects and large-scale tracking programmes. The Shopper division continued to perform in line with internal expectations following its rebranding from Consumer Panel Services.

Investment in AI and Platform Development

During the period, YouGov continued targeted investments aimed at accelerating artificial intelligence product development, improving its data infrastructure, and increasing automation across its platform. The company also focused on enhancing the client experience and streamlining data collection processes.

Looking ahead to the second half of the financial year, YouGov highlighted early commercial interest in its AI initiatives while noting the impact of macroeconomic conditions, client renewal cycles, and the need for disciplined execution.

Market Context and Outlook

Management reiterated expectations for modest full-year revenue growth, while indicating that profitability will depend on cost control and the performance of new product and technology investments. The update provided additional context for broker assessments amid recent share price movements.

YouGov shares remained lower on the day despite Berenberg’s Buy rating and 600 GBX target price. The broker update might followed a trading statement that confirmed revenue growth in line with expectations and outlined continued investment in AI, data infrastructure, and operational efficiency as the group moves into the second half of the financial year.

Frequently Asked Questions (FAQ)

Q1: What rating did Berenberg assign to YouGov?
Berenberg issued a Buy rating on YouGov shares with a target price of 600 GBX.

Q2: How did YouGov perform in the first half of FY26?
The company reported low single-digit revenue growth, with growth in the US and UK offsetting a slight decline in the Shopper division.

Q3: Why have YouGov shares fallen over the past year?
The share price decline reflects broader market conditions, sector pressures, and investor reaction to revenue growth trends and profitability outlooks.