ShoreCap reiterates 'buy' on StanChart shares
By Alexander Bueso
Date: Friday 02 Nov 2018
(Sharecast News) - Analysts at Shore Capital reiterated their 'buy' recommendation for shares of StanChart at the end of the week.
The day before, the Asia-focused lender had posted a 31% jump in its profits after tax for the third quarter to reach $1,069m, for a 3% beat over consensus, thanks to lower-than-expected impairments.
That was on the other hand 6% below ShoreCap's own estimates.
Even so, and while management did note the increased economic uncertainty in the regions in which the group operated, it did remain "cautiously optimistic" about the long-term outlook.
Hence, the broker trimmed its estimates for StanChart's earnings per share in fiscal years 2018, 2019 and 2020 by 1%, 4% and 3%, respectively.
But it bumped up its fair value estimate for the stock by 5p to 940p on the back of a slightly more favourable exchange rate.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN