XP has seen a continuation of the trends reported in July: strong demand in Europe offset by weakening demand in the US. On the basis of lower than expected US order intake, we have revised down our FY15 and FY16 revenue forecasts, which drives EPS reductions of 8% in FY15 and 7% in FY16. Despite some market weakness, we believe that XP continues to win market share, and is looking to bolster growth with bolt-on acquisitions.
