The Bank of America has upgraded St James’s Place to ‘Buy’ from ‘Neutral’ in light of the recent share price decline, which it believes undervalues a “quality" and "market-leading” franchise.
The advice giant's shares have fallen by over 26% since the release of its results for the first half of 2023, according to Morningstar data. The H1 2023 results laid out plans to cap product charges at 85 basis points a year for clients who have been invested for a decade. In a research note on Friday (4 August), Bank of America analysts Andrew Sinclair, David Barma and Freya Kong said this came as a shock to investors, compounding an already challenging backdrop for flows as the cost-of-living crisis bites UK retail savers. However, they said that although the backdrop will remain ...
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