UK's Abrdn falls after Deutsche Bank downgrades to 'sell'

Maven Income and Growth VCT 4

14/09/2022 10:10

** Shares of Abrdn PLC  ABDN.L  down 4.4% to 142.6p; stock
top loser on UK blue chip index  .FTSE 
    ** Deutsche Bank downgrades British asset manager to "sell"
from "hold" 
    ** Says co's earnings are unlikely to turn around over the
next 6-12 months
    ** Sees the current dividend as unsustainable as against
capital generation      
    ** "We also value the excess capital locked within the
Indian stakes at a 5% larger discount to reflect concerns around
the uses of sale proceeds" - Deutsche Bank 
    ** On Tuesday, ABDN sold an about 2% stake in Indian insurer
HDFC Life  HDFL.NS  through a block trade
 urn:newsml:reuters.com:*:nFWN30J25A urn:newsml:reuters.com:*:nL4N30J1ZL
    ** Broker also cuts price target to 135p from 175p 
    ** Three of 17 brokerages rate the stock "buy" or higher,
five "hold" and nine "sell" or lower; their median PT is 175p
    ** Up to last close, stock down ~40% YTD

 (Reporting by Roshan Abraham in Bengaluru)
 ((Roshan.Abraham@thomsonreuters.com))