Berenberg stays at 'buy' on Mattioli Woods

Analysts at Berenberg reiterated their 'buy' rating and 870.0p target price on wealth management firm Mattioli Woods on Wednesday following the group's "solid" interim results a day earlier.

Berenberg noted that Mattioli had achieved year-on-year growth in both revenues and pre-tax profits. During the half, the company

also initiated a partnership with T Rowe Price, which Berenberg reckons should improve its investment product offering for clients.

"During the period, the company announced a partnership with US asset manager T Rowe Price, which will develop and advise on multi-asset funds for Mattioli's clients. This is beneficial for Mattioli given that the scale and reputation of T Rowe Price should enhance the wealth manager's investment proposition," said Berenberg.

Looking ahead, the German bank expects the company to continue to look to supplement growth with inorganic, bolt-on opportunities.

Berenberg also highlighted that Mattioli trades on roughly 12.0x forward earnings multiple.

Reporting by Iain Gilbert at Sharecast.com