Jefferies lifts ICG price target

Jefferies lifted its price target on Intermediate Capital Group on Thursday to 2,700p from 2,300p.

"ICG, like most European alternative asset managers, has been largely overlooked by a market appearing to only see US peers as the beneficiaries of a potentially highly constructive capital markets scenario in the next 12-24 months," it said.

The bank said it sees scope for at least a partial catch-up as that notion is gradually disabused.

It noted that ICG has leading global franchises across private debt, corporate PE and GP-led secondaries.

The bank, which has a ‘buy’ rating on the stock, said recent large scale alts M&A is a reminder of the scarcity value of these platforms.

Jefferies said: "We expect the anticipated more constructive capital markets environment in 2025/26 to provide a timely reminder that ICG is exposed to broadly the same tailwinds as its US peers, resulting in the stock offering the potential for a compelling catch-up trade."