Date: Monday 26 Mar 2012
Peel Hunt has upgraded its rating for Aberdeen Asset Management from hold to buy following this morning's well-received pre-close trading update.
The broker said that Aberdeen's statement covering the two months to the end of February was ahead of its expectations, with assets under management (AuM) rising 6% to £184.4bn.
"Aberdeen’s AuM has risen sharply over the last two months, benefiting from the recovery in equity markets. Demand remains high for the group’s products and revenue/operating margins are being pushed higher," said Peel Hunt analyst Stuart Duncan.
Peel Hunt downgraded Aberdeen previously thinking that most of the good news in the short-term was largely reflected in the share price. However, with the shares having now drifted back, the broker now sees a 12% upside to its unchanged target price of 280p and has therefore raised its rating.
Shares were up 3.52% at 258.7p in mid-morning trade on the FTSE 250.
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