Goldman Sachs Group Reaffirms Conviction-Buy Rating for Standard Chartered (LON:STAN)

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Standard Chartered (LON:STAN)‘s stock had its “conviction-buy” rating restated by research analysts at Goldman Sachs Group in a research note issued on Tuesday, ThisIsMoney.Co.Uk reports. They currently have a GBX 970 ($12.67) price objective on the financial services provider’s stock, down from their prior price objective of GBX 980 ($12.81). Goldman Sachs Group’s price objective indicates a potential upside of 59.64% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Deutsche Bank restated a “hold” rating on shares of Standard Chartered in a report on Friday, August 2nd. Bank of America reiterated a “buy” rating on shares of Standard Chartered in a report on Thursday, April 18th. Royal Bank of Canada lowered shares of Standard Chartered to an “underperform” rating and boosted their price objective for the stock from GBX 460 ($6.01) to GBX 580 ($7.58) in a report on Tuesday, April 30th. Berenberg Bank reiterated a “buy” rating on shares of Standard Chartered in a report on Tuesday, July 16th. Finally, Barclays reiterated an “underweight” rating on shares of Standard Chartered in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of GBX 710.31 ($9.28).

LON:STAN opened at GBX 607.60 ($7.94) on Tuesday. The firm has a market cap of $19.56 billion and a price-to-earnings ratio of 38.21. The company’s fifty day simple moving average is GBX 692.42. Standard Chartered has a twelve month low of GBX 514.20 ($6.72) and a twelve month high of GBX 742.60 ($9.70).

In other news, insider Andrew Nigel (Andy) Halford acquired 23,701 shares of the business’s stock in a transaction on Monday, June 24th. The shares were purchased at an average price of GBX 703 ($9.19) per share, for a total transaction of £166,618.03 ($217,715.97).

Standard Chartered Company Profile

Standard Chartered PLC., together with its subsidiaries, provides various banking products and services primarily in Asia, Africa, and the Middle East. The company operates through Corporate & Institutional Banking, Retail banking, Commercial Banking, and Private Banking segments. It offers retail products, such as deposits, savings, mortgages, credit cards, and personal loans; wealth management that include investments, portfolio management, insurance and advices, and planning services; and transaction banking services, such as cash management, payments and transactions, securities services, and trade financing products.

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Analyst Recommendations for Standard Chartered (LON:STAN)

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