St James's Place "very well positioned", says Berenberg

25th Feb 2015 10:43

The "strong performance continues" at St James's Place, according to Berenberg, after 2014 results from the wealth management group topped forecasts on Wednesday.The broker reiterated a 'buy' recommendation and 950p target price for the shares.Berenberg said St James's Place results "reflected a continuation of the positive trends seen in recent years".Operating profits on a European Embedded Value (EEV) basis were 29% higher than 2013 at £596.4m, a 12% beat to consensus, according to Berenberg."Management commentary around the outlook for the business remains positive, believing that new investments and partner growth bode well for the delivery of the medium-term objectives," the broker said."With an ever-widening savings and advice gap in the UK, coupled with the opportunity for St James's Place to export its business model to ex-pat communities, we believe that the company remains very well positioned."The stock was 4.8% higher at 935p by 11:35.