In a note on Monday, the broker upgraded the exhibition and conference organiser to ‘buy’ from ‘hold’ and upped their target price to 140p from 120p, saying that they believed the company “can return to high single-digit normalised revenue growth”.
“While the short-term international events outlook is unclear, we look past this, and anticipate we could see international events by  driven by vaccine deployment”, Liberum said.
The broker added that Hyve’s transformation and growth (TAG) programme “leaves it well positioned for the recovery, as 2nd/3rd tier shows are unlikely to survive when marketers are forced to adopt high scrutiny of their budgets”.
“We add [2024 financial year] estimates representing near full recovery vs , which is perhaps conservative, but provides room for further disruptions. We upgrade to buy (from hold) as we anticipate the valuation being sustained through the recovery and rolling over to outer years”, Liberum added.
Shares in Hyve rose 0.6% to 117.6p in late-morning trading.