FRANKFURT (dpa-AFX) - A buy recommendation from private bank Berenberg could give fresh momentum to Teamviewer 's share price recovery, which has been faltering since mid-February, on Monday. Analyst Gustav Froberg sees a turnaround for the remote maintenance software specialist after the difficult years of 2021 and 2022. Many investors are still overlooking the recovery of the company's SMB business because they are far too fixated on the problems of the past, the expert explained. At the same time, Teamviewer is one of the most favorably valued European software houses, he added.

The shares rose four and a half percent to 16 euros in the morning at broker Lang & Schwarz compared to the Xetra close. This would allow them to break out of the trading range between around 14.50 and just under 16 euros, in which they have been stuck since mid-February. Previously, they had risen sharply from less than 8 euros in mid-October thanks to improved business and a general market recovery.

Froberg sees medium-term scope to reach his new price target of 21.00 euros (previously 14.50) and therefore upgraded the shares from "hold" to "buy". The price target is now the highest of the analysts who cover Teamviewer. There were already recovery tendencies in the SMB business in the final quarter, as the figures for 2022 had already shown some time ago. At that time, analyst Mohammed Moawalla of Goldman Sachs had praised the results of this area and also emphasized that the large customer business had also grown strongly.

Teamviewer was one of the big beneficiaries of the Corona pandemic with the trend toward home offices. After the IPO in 2019, the share price skyrocketed to almost 55 euros by mid-2020. However, the company then took on too much and also relied on expensive sponsorship contracts, for example with the English soccer club Manchester United. Investors had repeatedly criticized this harshly. At the end of 2022, Teamviewer negotiated an exit option from the expensive shirt sponsorship agreement with the Premier League club./mis/men/zb