Berenberg starts SMG at 'buy', says AI fears overblown

Smg Swiss Marketplace Holding AG

23/06/2026 09:15

** Berenberg initiates online platform Swiss Marketplace Group SMGC.S at "buy" with a PT of CHF 35, saying the stock's slump since its market debut last year is overdone
** The brokerage says concerns about AI disruption are negligible as the technology accounts for only a tiny fraction (0.6%) of the platform's website traffic
** "SMG is insulated by a deep moat of brand trust, unrivalled inventory and network of professionals", the broker adds, seeing it as critical for high-stake decisions 
** Berenberg sees scope for revenue growth as the firm closes its take-rate, or commission fee, gap with European peers, forecasting annual earnings growth of 20% until 2028
** "SMG is positioned to close the take-rate gap with its European peers," Berenberg says
** The stock is down almost 30% year-to-date
** Out of 9 analysts that cover SMG, six rate the stock "strong buy"/"buy,"​ three rate it "hold" - LSEG data


 (Reporting by Kira Britten)
 ((Kira.britten@thomsonreuters.com))