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Cantor Fitzgerald follows wealth manager Mattioli Woods

Cantor Fitzgerald has initiated coverage on wealth manager Mattioli Woods.

In the firm’s first research note on Mattioli Woods, financials analyst Keith Baird points out that with its small current market share, there is considerable upside potential for earnings both organically and via acquisitions. He expects further acquisitions in line with the existing strategy, but have not included any in his forecasts.

The research note includes the recommendation: “Mattioli Woods is an expanding wealth management, pensions and employee benefits group with an excellent brand and culture. With its small current market share, there is considerable upside potential for earnings both organically and via acquisitions. We expect further acquisitions in line with the existing strategy but have not included any in our forecasts. While the shares are fully rated, we see this as justified by the high level of earnings quality combined with good growth prospects. We initiate coverage with a BUY recommendation and a target price of 770p.”

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