Buy, Sell, Hold – CBA upgraded

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In the good books

BT INVESTMENT MANAGEMENT LIMITED (BTT) Upgrade to Add from Hold by Morgans B/H/S: 3/3/0

The company has announced it expects direct costs of GBP5m for external research services. The cost will be directly absorbed by JO Hambro.

Factoring in these costs, and reviewing underlying assumptions, leads Morgans to downgrade forecasts for earnings per share by -4-7% in the outer years. Nevertheless, the broker considers the outlook solid and JO Hambro should continue to deliver solid performance fees over the medium term.

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