CS downgrades Schroders over near term headwinds, rising costs
10/03/2023 06:06
** Credit Suisse cuts asset manager Schroders SDR.L to
"neutral" from "outperform"; cuts PT to 470p from 510p
** Brokerage sees headwinds for SDR in 2023 and estimates 1%
growth in profit
** Says the stock's technical support factors from increased
index weighting are behind it
** We downgrade SDR given higher expected costs from
inflation and acquisition investment, deterioration of fund
performance across key asset classes causing concern over the
outlook into 2023 - CS
** Brokerage prefers peer Man Group EMG.L over co
** SDR up 9.89% YTD
(Reporting by Aniruddha Ghosh in Bengaluru)
((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))
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