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02888 STANCHART
RTNominal down67.000 -1.100 (-1.615%)
Others

06/11/2017 15:28

[I-bank focus]DB cuts Standard Chartered (02888) to HK$67

[ET Net News Agency, 6 November 2017] Deutsche Bank cut its target price for Standard
Chartered (02888) to HK$67 from HK$69, but upgraded its rating to "hold" from "sell".
The research house said StanChart is still searching for an elusive step-change in
revenue growth, and 3Q did not provide this. Though income is up YoY, it is down
sequentially following a 1H which included gains.
Meanwhile DB sees near-term headwinds on "asset-linked" revenues, costs and capital from
model changes in 2018. However, it was already US$200-400m below consensus revenues
forecasts for 2019/20 going into 3Q results, and consequently its downgrades are more
limited. (KL)

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