(Sharecast News) - Berenberg raised its target price on financial services company Standard Chartered from 550.0p to 630.0p on Friday, stating the firm was now "catching up" with the rest of the pack.
Berenberg said that as well as benefiting from faster-growing markets than its peers, Standard Chartered was also "a key beneficiary" of strengthening global activity.
"Yet, despite this, the bank's share price had risen by just 7% year-to-date prior to its recent Q1 2021 results," noted Berenberg.
As well as providing near-term support, Berenberg said Standard Chartered's first-quarter results increased its confidence in the bank's future growth.
"As a result, we raise our already above-consensus revenue estimates by 1-2%. Trading on just 7.8x our FY 2022E EPS (a circa 20% discount to the sector), we believe Standard Chartered remains undervalued," concluded the German bank, which also reiterated its 'buy' rating on the stock.
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