Broker tips: Standard Chartered, Howden Joinery

Berenberg said that as well as benefiting from faster-growing markets than its peers, Standard Chartered was also "a key beneficiary" of strengthening global activity.

"Yet, despite this, the bank's share price had risen by just 7% year-to-date prior to its recent Q1 2021 results," noted Berenberg.

As well as providing near-term support, Berenberg said Standard Chartered's first-quarter results increased its confidence in the bank's future growth.

"As a result, we raise our already above-consensus revenue estimates by 1-2%. Trading on just 7.8x our FY 2022E EPS (a circa 20% discount to the sector), we believe Standard Chartered remains undervalued," concluded the German bank, which also reiterated its 'buy' rating on the stock.

Analysts at Canaccord Genuity hiked their target price on kitchen supplier Howden Joinery from 735.0p to 775.0p on Friday, stating the group had "started the year well".

Canaccord noted that Howden had experienced "good" sales growth throughout the first quarter of its trading year, helped in part by positive trends in pricing and some competitors dealing with more disruption to their business models, with underlying demand trends remaining good as the market continues to see "a sound recovery".

While Canaccord acknowledged that cost inflation was "a growing issue", it appeared to the analysts that Howden was "incrementally more positive" around gross margins as pricing was "promising".

"It appears to be on track to deliver a very good first-half performance but, as ever, the more important second-half trading period will be key to the outcome for the full year," said Canaccord, which also reiterated its 'hold' rating on the stock.

In the medium term, the Canadian bank expects Howden to drive growth through new depot openings and a better performance from older refurbished depots, leading it to increase profit estimates for the firm in 2021 as its confidence around gross margins and sales improves.