0917 GMT - Plus500's valuation no longer reflects the progress that the online-trading platform has made, particularly in the expansion of its non-over-the-counter business, Cavendish analysts Rahim Karim and Jens Ehrenberg write. Cavendish upgrades its recommendation for the London-listed stock to buy from hold, but lowers the target price to 44.90 pounds from 46.85 pounds. The market is undervaluing its core contracts-for-difference business despite its operational leverage, the analysts say. Plus500 will continue to see strong topline momentum in the second half, despite risks to customer trading income, Cavendish says. Shares are up 1.8% at 38.58 pounds. The stock has risen 5.6% year to date.
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