Broker tips: Aberdeen, Greatland Gold
By Iain Gilbert
Date: Tuesday 10 Jun 2025
(Sharecast News) - JPMorgan Cazenove upgraded Aberdeen on Tuesday to 'overweight' from 'neutral' and placed the stock on 'positive catalyst watch' ahead of results, sending shares in the asset manager surging.
The bank said its analysis suggests that flows in the Adviser vector might soon turn positive thanks to a new competitive pricing structure and improving customer satisfaction.
"Furthermore, we expect that the strong momentum recorded by interactive investor (ii) in recent quarters will accelerate further, and that the platform will continue to win market share thanks to its best-in-class pricing and compelling offering," JPM said.
It said that stronger customer growth and growing SIPP penetration could also increase cash balances on the platform and drive an increase in treasury income and earnings per share.
"Our analysis suggests that these tailwinds are imminent, and we place the stock on positive catalyst watch ahead of the 1H results (30th July)," it said.
JPM said it was 2%/9% above Bloomberg EPS consensus for FY26/27 and it also sees scope for an expansion in multiple as these tailwinds unfold.
Analysts at Canaccord Genuity slightly raised their target price on gold and copper producer Greatland Gold from 25.0p to 29.0p on Tuesday following its Telfer-Havieron site visit.
Canaccord Genuity said it had returned from Telfer-Havieron with "a more positive view" on the near and medium-term outlook for the company.
In the near term, Canaccord noted that Greatland was performing well in the current quarter, while it also said there were "a range of likely life extension options" for Telfer in the medium term via the Central and Southern extensions, the Main Dome Underground, and West Dome Deeps. Long-term, Canaccord said Havieron was likely to be "significantly bigger, at a modest additional cost".
In its time at the site, Canaccord also attempted to identify key risks to the development plan and the critical path focus. In its view, water management at Havieron will be the key focus, in addition to managing the tailings facilities.
"We have adjusted our numbers for the production assumptions detailed above. This has resulted in minimal changes over the near-term, but we see a 29p net asset value/shr as a result of the Telfer life extension and the Havieron expansion being brought into our base case," said the Canadian bank, which reiterated its 'buy' rating on the stock.
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