Standard Chartered (LON:STAN) Hits New 12-Month High After Analyst Upgrade

Standard Chartered PLC (LON:STAN)’s stock price reached a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. upgraded the stock to an overweight rating. JPMorgan Chase & Co. now has a GBX 2,270 price target on the stock, up from their previous price target of GBX 2,220. Standard Chartered traded as high as GBX 2,161 and last traded at GBX 2,156, with a volume of 43925191 shares traded. The stock had previously closed at GBX 2,107.

A number of other equities analysts have also issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a GBX 2,250 target price on shares of Standard Chartered in a research report on Thursday, April 30th. Shore Capital Group upgraded shares of Standard Chartered to a “sell” rating in a research note on Friday, May 1st. Finally, UBS Group reaffirmed a “buy” rating and issued a GBX 2,130 target price on shares of Standard Chartered in a report on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Standard Chartered presently has a consensus rating of “Hold” and an average price target of GBX 1,946.67.

Standard Chartered Trading Up 2.3%

The company has a market capitalization of £46.86 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 0.80 and a beta of 0.60. The firm’s 50 day simple moving average is GBX 2,014.24 and its 200-day simple moving average is GBX 1,845.38.

Standard Chartered Company Profile

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate, Commercial & Institutional Banking; Consumer, Private & Business Banking; and Ventures. It offers retail products, such as deposits, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, insurance, and wealth advice; and transaction banking services, such as cash management, working capital, and trade financing products.