Model update: remain Underweight
We are updating our CB model to reflect Q1 results, revenue trends and expense comments from management. As a result, our FY18 EPS forecast increases by 1% as the 4% 1Q18 EPS beat flows through into the full year. However, our FY19 EPS and FY20 EPS forecasts are largely unchanged as we remain concerned about the sustainability of recent rate increases. Our price target remains at $135 and we retain our Underweight recommendation.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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