Tiger Brokers

BUZZ-UBS initiates Andersen with a 'buy' rating

Reuters
Jan 13
BUZZ-UBS initiates Andersen with a 'buy' rating

** UBS initiates tax advisory firm Andersen ANDG.N with a "buy" rating, sets PT of $28, 15% upside to last close

** Brokerage says ANDG is well positioned to continue to expand its long-tenured Managing Director-led business model

** We believe that the market is not capturing the impact of revenue growth and/or future productivity as well as the growing potential international opportunity, brokerage says

** Adds ANDG is well positioned for ~13% estimated organic revenue growth in 2024 to 2027

** ANDG enjoys significant financial benefits by not providing audit or financial statement attestation services as it reduces client conflicts and expenses like professional liability insurance, brokerage says

** Including session's move, ANDG up 14% since its IPO on December 17

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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