Investing.com -- Moonpig Group (LON: MOONM ) was downgraded by Deutsche Bank to “hold” from “buy,” after the company’s latest results raised questions about its topline growth outlook, sending its shares down over 6% on Friday.

The bank also cut its price target from 290p to 235p. Moonpig shares last closed at 242p.

The downgrade comes despite a 7% earnings beat and a 27.6% EBITDA margin for the fiscal year, which exceeded the company’s 25–27% guidance range.

However, Deutsche Bank analyst Alison Lygo pointed out that the core focus for investors has remained on revenue growth, particularly following the company’s Capital Markets Day in October, where management laid out a KPI framework centered on delivering consistent double-digit topline gains.

In the second half, Moonpig’s revenue rose 7.5%. While not a weak showing relative to peers in the sector, it fell short of the double-digit growth that has been a key part of the company’s equity story.

Lygo noted that this performance invites scrutiny over whether Moonpig can still support mid-teens EPS growth in the medium term if topline expansion falls below the previously assumed pace.