Standard Chartered (LON:STAN) Sets New 52-Week High Following Analyst Upgrade

Standard Chartered PLC (LON:STAN) shares reached a new 52-week high on Wednesday after JPMorgan Chase & Co. upgraded the stock to an overweight rating. JPMorgan Chase & Co. now has a GBX 2,270 price target on the stock, up from their previous price target of GBX 2,220. Standard Chartered traded as high as GBX 2,161 and last traded at GBX 2,156, with a volume of 43925191 shares. The stock had previously closed at GBX 2,107.

Several other equities analysts have also issued reports on the stock. Jefferies Financial Group restated a “buy” rating and issued a GBX 2,250 target price on shares of Standard Chartered in a report on Thursday, April 30th. Shore Capital Group upgraded Standard Chartered to a “sell” rating in a report on Friday, May 1st. Finally, UBS Group reissued a “buy” rating and issued a GBX 2,130 price objective on shares of Standard Chartered in a research report on Monday, May 18th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of GBX 1,946.67.

Standard Chartered Trading Down 1.2%

The company has a market cap of £46.30 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 0.80 and a beta of 0.60. The stock’s 50-day moving average is GBX 2,018.58 and its 200-day moving average is GBX 1,847.39.

About Standard Chartered

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate, Commercial & Institutional Banking; Consumer, Private & Business Banking; and Ventures. It offers retail products, such as deposits, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, insurance, and wealth advice; and transaction banking services, such as cash management, working capital, and trade financing products.