Standard Chartered PLC (LON:STAN) is set to witness a very strong outlook for 2014, thanks to sharp re-acceleration in Wholesale Banking revenues, believes Investec plc (LON:INVR).
Ian Gordon of Investec assigns a Buy rating on Standard Chartered with a target price of 1900p.
UK’s cheapest bank
Ian Gordon believes in a clear positive outlook for Standard Chartered PLC (LON:STAN) in 2014e driven by a sharp re-acceleration in Wholesale Banking revenues with substantially curtailed margin and own account headwinds.
However, the analyst points out that today’s preclose update reflect known headwinds, exacerbated by a particularly soft Q4 in both Financial Markets and Wealth Management. Though flat revenues may exceed the peer group, the analyst believes 2013 has been Standard Chartered’s annus horribilis.
With 9.1x 2014e EPS,...
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