We have revised our EPS forecasts resulting in a 20% downgrade to FY16e and FY17e for market performance in H2 and updating key assumptions. We believe management has options to control costs in order to hit margin targets. Assuming benign market conditions, we expect Brewin to re-rate as progress becomes apparent. We reset our target price to 300p (from 320p) and retain our BUY.
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Weakness presents buying opportunity
- Published:
06 Oct 2015 -
Author:
Andrew Watson -
Pages:
7
We have revised our EPS forecasts resulting in a 20% downgrade to FY16e and FY17e for market performance in H2 and updating key assumptions. We believe management has options to control costs in order to hit margin targets. Assuming benign market conditions, we expect Brewin to re-rate as progress becomes apparent. We reset our target price to 300p (from 320p) and retain our BUY.