This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Attractive technical set-up with shares having already bounced off major support. Asset managers still benefiting from good net inflows to funds. Enticing 5.5% dividend yield may encourage income seekers. Back in April, broker Shore Capital said the “advice-led and face-to-face model is flourishing and is likely to continue to do so….would thrive amid political uncertainty, regulatory changes and persistent tax and pension tweaking in the UK”.
Consensus is very bullish (81% Buy, 19% hold, zero sells) with over 80% of broker targets suggesting upside from current levels. Our trade objective (1235p; just below recent highs) is lower than the consensus target of 1285p.
Next Event: 3rd Quarter New Business Announcement, 24 Oct
Latest Broker 12-Month Consensus: 81% Buy, 19% Hold, 0% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
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