BTT - Morgans rates the stock as Add
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BT's 11% profit increase was in line with expectations. Growth in management fee revenue supported the result to offset a material reduction in performance fees, the broker notes.
There is some uncertainty regarding a UK regulatory investigation into JOHCM commissions, but the broker does not expect an outcome that is materially detrimental. Trading below its historical PE, BT is offering solid value, the broker suggests.
Add retained, target falls to $11.60 from $11.96.
Sector: Diversified Financials.
Target price is $11.60.Current Price is $10.68. Difference: $0.92 - (brackets indicate current price is over target). If BTT meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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