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Deutsche Bank upgrades AJ Bell to 'buy'
(Sharecast News) - Deutsche Bank upgraded AJ Bell on Tuesday to 'buy' from 'hold' but cut the price target to 480p from 500p. The bank downgraded the shares to 'hold' on 6 December 2024 mainly on valuation grounds.
At the time, it believed the risk/reward balance was about fair. Since then, the shares have fallen around 17% with no fundamental changes to the business in DB's view, hence the upgrade.
"The regulatory situation in relation to interest margin on client cash remains unresolved, and indeed on 09/12/24 the FCA reiterated that this remains on the list of priorities for 2025," Deutsche said.
"Whilst this remains unresolved, it remains a meaningful risk to the group, given we estimate this represents circa 44% of FY25E revenue and the contribution is broadly equivalent to the entire FY25E EBIT."
However, DB also noted that the UK government has recently been putting considerable pressure on UK regulators to prioritise growth and de-regulate where possible.
At 1130 BST, the shares were up 1.6% at 408.40p.
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