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RBC Capital upgrades Aberdeen, says earnings recovery 'on firmer footing'
(Sharecast News) - RBC Capital Markets upgraded Aberdeen to 'sector perform' from 'underperform' on Wednesday and hiked the price target to 195p from 140p, reflecting improvements across its three segments. The bank said the earnings recovery was now "on firmer footing".
It said second-quarter net flows signalled a potential turning point, with I&RW net flows (ex-liquidity) turning positive and Advisor showing sustained momentum.
"Further, ii remains a reliable earnings driver, supported by resilient treasury income," RBC said.
"So, although uncertainty persists - including competitive pressures and subdued equities investment performance - we forecast 7% per annum earnings growth over FY25-27.
"With shares now trading in line with the five-year average, and listed peer SOTP valuation, shares appear fairly valued, and we see reduced scope for underperformance."
At 1025 BST, the shares were up 06% at 196.55p.
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