Deutsche Bank lowers target price on Hargreaves Lansdown
Analysts at Deutsche Bank lowered their target price on financial services firm Hargreaves Lansdown from 870.0p to 850.0p on Friday, stating it was "looking for signs of green shoots ahead".
Deutsche Bank stated that looking past the first quarter into the rest of the year, whilst markets have been "more positive" than preceding quarters, it believes investor sentiment still remained muted, with March being affected by banking turmoil.
As such, the German bank thinks Hargreaves Lansdown's first-quarter results could be "weak" but said the key will be to see how activity shapes up in April and beyond.
Deutsche Bank also thinks positive net flows could come through in Hargreaves' fourth quarter, the three months to June.
Reporting by Iain Gilbert at Sharecast.com