CEO Tarek Robbiati will step down to move overseas later this year. The company has reaffirmed FY15 guidance of $90-91m.
The departure of the CEO less than three years into the role is disappointing to Deutsche Bank as the company is part way through a growth strategy.
A Buy rating and $4.30 target are maintained.
Sector: Diversified Financials.
Target price is $4.30.Current Price is $3.17. Difference: $1.13 – (brackets indicate current price is over target). If FXL meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).