Standard Chartered: BarCap sets new target price.
(CercleFinance.com) - Barclays Capital on Friday reiterated its "underweight" rating on Standard Chartered with a new target price of 620 pence, which it cut from 575 pence, after the bank hosted an investor seminar.
While the broker believes that the British lender is well positioned to benefit from long-term trends in Greater China & the North Asia region, which it views as "attractive," BarCap still thinks that Standard Chartered's recovery will take some time.
"With core revenues lacklustre and provisions likely to rise from the very low first-quarter level, we expect the shares to continue underperforming," the broker particulalrly warns in a research note.
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