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Jefferies downgrades AJ Bell after share price rally
(Sharecast News) - Jefferies downgraded its stance on AJ Bell on Friday to 'hold' from 'buy' after a circa 30% rally in the shares this year. The bank also made a 3% reduction to its FY24 earnings forecast and cut its price target on the stock to 361p from 390p.
"AJB remains a high-quality business in our view, but we see valuation as fair, with our PT implying 20x FY24 and FY25 earnings," Jefferies said.
The bank said it's possible that the interim results on 23 May might reveal further upside, but added that it's already ahead of guidance on profit before tax margin.
At 0915 BST, the shares were down 1.9% at 330.50p.
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