Standard Chartered: The Year that Macro Bites?
Jeffries has lowered its price target for Standard Chartered from 730p to 722p (currently trading at 931p), arguing that the idiosyncratic risk behind the original Underperform rating will be exacerbated by macroeconomic headwinds in the emerging markets where Standard Charteredis most active. This could force STAN to de-risk since it only has 10.5% tier 1 common equity, while TSB Banking, Lloyds Banking, and the Royal Bank of Scotland . . .
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