Model update: remain Overweight
We are updating our FRC model to reflect Q2 results and revenue trend comments from management. As a result, our FY18 adjusted EPS forecast increases slightly by 0.3% as the good 2Q18 result more than offsets a decrease in our NIM forecast for the coming two quarters. Our FY19 and FY20 EPS forecasts decrease by 0.4% and 0.7% respectively as the lower NIM estimates flows through. Our price target remains at $110 and we retain our Overweight 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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