RBC Capital lifts XPS Pensions price target

RBC Capital Markets lifted its price target on XPS Pensions on Monday to 395p from 355p ahead of first-half results.

RBC said it was "marginally" increasing both revenues and costs across FY25-27, with a broadly neutral net impact on earnings.

"We update our price-to-earnings valuation multiple to 20x (from 18x) reflecting the longer-term sustainability of XPS's growth, and its extended track-record of earnings growth delivery," it said.

XPS is due to report results covering the six months to 30 September on Thursday.

RBC maintained its ‘outperform’ rating on the stock.