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Hargreaves Lansdown's growth drivers remain in place, says Barclays
Barclays reiterated its fondness for Hargreaves Lansdown shares on Thursday, saying drivers for the business remain in place in 2018.
Barclays, reiterated its 'overweight' rating and raised its target price to 2,100p, said the savings, pensions and investment group has enjoyed great operational success over the past decade and the structural drivers of large savings and advice gaps in the UK "remain strong".
"Fee pressures appear manageable and flows and cash yields are likely to surprise on the upside, in our opinion."
On current forecasts the shares trade at 32 times calendar 2018 forecast earnings per share, falling to 28 times on 2019 estimated EPS, which is within the historical forward PE range of 15-35x.