JP Morgan Cazenove rates the IT infrastructure provider “overweight” and has raised its target price from 345p to 480p following results last week. The broker has raised its revenue forecast by 13 per cent for 2011 to £2.97bn for the year, giving a pre-tax profit of £77m. It expects a steady growth trajectory for IT investment in the UK, Germany and France as confidence continues to grow.
Citigroup rates the bank “buy / medium risk” with a lower target price of £22, down from £22.50, to reflect the UK bank levy. The broker has cut its targets in line with lower trading multiples among Standard Chartered’s peers, but thinks its recent sell-off creates an opportunity to buy a growth stock at a lower multiple. The broker notes the bank’s recent pledge to deliver double-digit growth in 2011.
Credit Suisse rates the asset manager “neutral” but has cut its target price from 290p to 250p. The broker has also reduced its forecast for assets under management by $100m to $69.8bn for the end of March, based on a decline in the AHL division during the last quarter and the broader impact of subdued markets on long investment positions alongside poor hedge fund returns in recent weeks.