HL shares rise as Peel Hunt upgrades stock to 'buy'

Stock has been 'oversold'

In a note issued today (22 October), investment bank Peel Hunt upgraded Hargreaves Lansdown to a 'buy' from 'add', saying the stock has been oversold at current levels.

This follows weakness in HL shares so far this year, which have fallen by over 25% to date and have "materially underperformed sector peers", Peel Hunt said. Today, however, the shares are trading 3.7% higher at £13.99 on the back of the positive report, while Peel Hunt's target price for HL has been upgraded from £17.00 to £18.10. The investment bank said HL's recent Q1 trading update revealed a positive start to its financial year, which has led it to increase its full-year 2021 earnings per share (EPS) forecast to 5%. Commenting on the firm's Q1 update, Peel Hunt said: "Net infl...