Trustpilot oversold after ‘unfairly’ swept into AI storm, says UBS Proactive uses images sourced from Shutterstock
Trustpilot Group PLC shares may have been swept up in the recent software sell-off, but UBS reckons the market has got the story wrong.
In a note highlighting the reviews platform, the Swiss bank argues Trustpilot is “a misunderstood AI winner caught in the software sell-off”.
While investors fret that generative AI could cut website traffic and weaken its model, UBS says the opposite is happening.
As large language models draw on structured review data, Trustpilot’s content is becoming more embedded in AI-generated answers.
According to Similarweb data cited by UBS, AI chatbots now account for 21% of Trustpilot’s referral traffic, with ChatGPT alone contributing 17%, up 12 percentage points month on month.
The bank says visits referred by ChatGPT convert at more than double the rate of organic search in e-commerce, suggesting higher intent traffic.
With adjusted EBITDA up 60% year on year in the 2025 financial year and margins improving, UBS believes the recent pullback has left the shares mispriced ahead of results on 17 March.