Citi puts AJ Bell and Hargreaves Lansdown on 'negative catalyst watch'
Hargreaves Lansdown
766.80p
13:39 29/04/24
Citi has placed AJ Bell and Hargreaves Lansdown on "negative catalyst watch" as part of its review of the European diversified and specialty finance sector.
AJ Bell
314.00p
13:34 29/04/24
Financial Services
13,938.69
13:39 29/04/24
FTSE 100
8,162.44
13:40 29/04/24
FTSE 250
19,932.78
13:40 29/04/24
FTSE 350
4,484.16
13:40 29/04/24
FTSE All-Share
4,437.60
13:40 29/04/24
London Stock Exchange Group
8,846.00p
13:40 29/04/24
"The growth-oriented diversified financials sector has faced a challenging couple of years, as financial investors have favoured banks and insurance. Yet expectations for falling interest rates during 2024 should be supportive for the sector as a whole, and in particular for the alternative asset managers, which is our preferred subsector," the bank said in a research note.
Citi said it is overweight the exchanges and underweight the investment platforms and Swiss private banks.
"Our most-preferred stocks are Allfunds, Intermediate Capital Group and London Stock Exchange Group. Our least-preferred stocks are EQT, Hargreaves Lansdown and Vontobel. We open new negative catalyst watches on AJ Bell and Hargreaves Lansdown."
AJ Bell shares were down 0.9% at 294.4p by 0909 GMT, while Hargreaves Lansdown fell 0.8% to 721p.