Analysts at Berenberg raised their target price wealth management firm St James's Place from 1,300p to 1,650p on Tuesday, stating the group was "stepping into the light".
Source: Sharecast
Following better-than-expected interim results, as well as updating for market moves, Berenberg hiked its diluted cash earnings per share estimates for St James's Place by 31% this year and by 13-14% for FY26-27.
"This was a robust statement, while the return to shareholders – through an increased buyback – of the £63m (post-tax) release from the ongoing service evidence provision also evidences management's intent to run the business in a capital efficient manner," said the German bank.
Berenberg, which has a 'buy' rating on the stock, also noted that as well as increasing its estimates for underlying cash earnings, it also upped its total payout estimates from 50% to 70% from FY27 onwards.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
