ASX – Credit Suisse rates the stock as Underperform

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First-quarter activity trends were marginally stronger than Credit Suisse expected. Strength is predominantly in equity post-trade services and trading, offsetting slightly weaker-than-expected derivative and OTC activity.

Corporate actions were down -17%, with $15.1bn of equity raised. Credit Suisse expects earnings growth of 2-5% per annum in the foreseeable future and considers the valuation full. Underperform rating and $60 target maintained.

Sector: Diversified Financials.

Target price is $60.00.Current Price is $79.54. Difference: ($19.54) – (brackets indicate current price is over target). If ASX meets the Credit Suisse target it will return approximately -33% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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