Barclays upgrades Jupiter, says risk/reward balanced

Barclays upgraded Jupiter Fund Management on Wednesday to ‘equalweight’ from ‘underweight’ and cut the price target to 110p from 120p, as it pointed to a discounted valuation and emerging optimism.

"A new CEO, a cost-reduction strategy, early signs of progress in winning institutional mandates and a trough valuation multiple mean we see risk/reward at Jupiter as balanced," the bank said.

"While retail flow momentum remains a concern, after a 23% assets under management decline year to date, we move to EW."

At 1115 GMT, Jupiter shares wereup 0.6% at 114.70p.