Curtis Banks share price was impacted by the delayed completion of the Suffolk Life acquisition and a cut to the base rate. We believe that material synergies are still to be achieved from the acquisition. Curtis Banks has annuity-like earnings, not exposed to asset values, through fixed fee charging. There are structural tailwinds in personal pensions. Acknowledging some potential from upside, we set a 370p 12m Target Price (19x FY19e PER base case, 15x upside case) and initiate with a BUY. Please contact us for further details.