St James's Place PLC (LSE:STJ), having surged on the back of solid full-year figures on Thursday, is now more than likely looking up, according to Peel Hunt.
“With flows starting to show signs of recovery, if anything we believe the balance of risk is to the upside,” analysts said in a note as a ‘buy’ rating was reiterated.
St James’s Place earlier in the day unveiled record assets under management of £190.21 billion, as a full-year £4.3 billion net inflow was recorded.
Peel Hunt noted net inflows had beaten market expectations for £3.7 billion, while St James’s Place shares remained off previous valuations despite a rebound recently.
Shares were now valued at a price to funds under management of 2.4%, according to analysts, “still well below historic norm”.
“At present we are expecting a post-tax cash result of £411 million, slightly below consensus at £425 million,” Peel Hunt added.
Shares were up 9.5% at 1,017p on Thursday.