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Jefferies upgrades Aberdeen to 'buy'
(Sharecast News) - Jefferies upgraded Aberdeen on Thursday to 'buy' from 'hold' and lifted the price target to 215p from 140p following the company's full-year results earlier in the week. On Tuesday, the asset manager said it was putting the missing vowels back into its name after a widely-mocked rebrand to Abrdn four years ago, as it reported a swing into the black.
"The positive reaction to the good FY24 results, encouraging and realistic 2026 targets and the use of the DB surplus to help fund some DC obligations was probably amplified by short covering," Jefferies said.
"Nevertheless, we increase our PT to 215p on our new forecasts and higher multiples ascribed to the operating segments."
The bank said it can see Aberdeen return to growth, underpinned by Interactive Investor in the near turn.
"The cosmetic change to the name is welcome too, upgrade to buy," it said.
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