Galvan expects 'upsurge in business' at Hargreaves Lansdown

24th Mar 2014 11:23

Galvan Research and Trading has labelled financial services group Hargreaves Lansdown as a 'buy', saying that it should get a boost from George Osborne's 2014 Budget.The Chancellor unveiled a radical shake-up of the savings markets last week, giving customers unprecedented freedom over how they draw their pensions, whilst increasing the annual ISA allowance to £15,000 per person.Galvan believes that Hargreaves should see an "upsurge in business" as a result of customers beginning to take advantage of the new measures."Hargreaves Lansdown investors have enjoyed a stellar share price performance over the last one to two years, as shares have trebled in value since April 2012," said Head of Trading, Ed Woolfitt."Despite the record set of full-year results, the recent pre-budget blip was perhaps understandable given last year's changes by the FCA to fund platform commissions, but the pension revolution and ISA changes announced by the Chancellor will suit HL down to the ground as the UK's largest direct to investor 'Investment Supermarket'."Woolfitt estimates that the share price will return to its 52-week high of 1,549p in the coming two to three weeks.The stock was down 1% at 1,400p by 11:40 on Monday.BC