Metro Bank full-year results: where next for the share price?
The UK challenger bank will unveil its full-year results on Wednesday, but after a challenging 12 months analysts from JP Morgan remain downbeat about the stock ahead of its earnings.
Metro Bank is set to unveil its full-year results on Wednesday, but after a tough 12 months of trading analysts from JP Morgan are downbeat about the stock ahead of its earnings.
In fact, analysts from the US-based investment bank reiterated their ‘underweight’ rating for Metro Bank ahead of its full-year results and offered a price target for the stock of 160p a share, up 20p from its previous guidance.
Despite analysts upgrading their price target, with Metro Bank closing at 193p on Monday, JP Morgan Cazenove still believes that the stock has a potential downside of 17.1%.
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Metro Bank appoints Dan Frumkin as permanent CEO
The UK challenger bank made interim CEO Dan Frumkin its permeant chief last week.
‘We were looking for someone who believed in prioritising excellent customer service with a track record in retail banking and business transformation, and the necessary experience to deliver sustainable growth,’ Metro Bank chairman Michael Snyder said in a statement.
‘The combination of three decades of experience across retail banking and the positive impact Dan has made since joining Metro Bank last year mean we have identified an impressive CEO,’ he added.
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Challenging times for Metro Bank
Over the last 12 months, the UK challenger bank has seen its founding directors jump ship and its management forced to pull a £250 million bond sale due to ‘poor market conditions’, prompting the stock to fall more than 90% since floating at £20 a share four years ago.
The challenging times began after the bank found itself under intense scrutiny over the health of its balance sheet last year due to a £900 million accounting error.
However, the bank finally found its bottom after hitting an all-time low of 166p in September 2019 and has since seen its share price begin to stabilise, with investors hoping for that stability to continue in 2020.
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