Blog yOur Mind

Stock News Europe – Stanchart hit 6 month high on Q1 cheer

Posted on: May 7, 2009


Reuters – Thursday, May 7

Standard Chartered <STAN.L> shares jump over 7 percent to a 6-month high as analysts raise earnings forecasts and turn more upbeat after the Asia-focused bank reported record Q1 earnings.

“Record 1Q income and profits at a time when the consumer bank is struggling in the face of income headwinds underscores the extent to which the wholesale bank is benefiting from market share gains and spread widening,” says Mark Phin at Keefe, Bruyette & Woods.

He says the premium of its shares is justified by higher returns, and lifts his price target to 1,250 pence from 1,080p.

Exane BNP Paribas upgrades the stock to “neutral” from “underperform”, citing an “excellent” Q1 for the wholesale arm and “controlled costs and low bad debts.”

Standard Chartered shares are up 7.3 percent at 1,235p, their highest level since October and up 41 percent this year.

Reuters Messaging rm://steve.slater.reuters.com@reuters.net

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

WHEN NOTHING GOES RIGHT, go left

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 55 other followers

DISH MENU

PREVIOUS MENU

CASHIER COUNTER

  • 270,864 UFOs
%d bloggers like this: