Deutsche Bank downgrades abrdn as it questions cost-saving strategies

Fund closures may dent revenue

Deutsche Bank has downgraded abrdn to “sell” and highlighted concerns around the asset manager’s cost-saving plans.

The downgrade from "hold" was revealed in an analyst note published yesterday (14 September), just two weeks after abrdn dropped out of the FTSE 100. The bank said it is now taking a "more cautious stance on several fronts" towards abrdn and has cut its price target by 23% from 175p to 135p, adding that accelerating stake sales will not offset wider headwinds faced by the company. abrdn confirms plans to merge or close 100 funds The report said: "We have been cautious on abrdn for a while [and have] reflected on the numbers and see even further downside risk to the shares from both...