AJ Bell PLC (LSE:AJB) has a good long-term growth investment case, suggests Deutsche Bank, given it operates in a structural growth industry and could grow market share.
“There are some risks relating to interest income on uninvested client cash, but we are broadly comfortable with these overall,” adds the bank.
Deutsche Bank sees customer numbers rising by 8% a year until 2027, assets by 15% a year, revenue by 14% a year and EPS by 18%.
“We rate the shares as buy, primarily predicated on the growth we expect within our forecasts,” said the bank, which has raised its price target to 500p from 418p.