Barclays upgrades Jupiter, says risk/reward balanced
Jupiter Fund Management
86.40p
12:40 24/12/24
2.01%
1.70p
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.
Financial Services
17,588.17
12:54 24/12/24
0.77%
133.83
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20,571.51
13:00 24/12/24
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FTSE 350
4,491.87
12:54 24/12/24
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FTSE All-Share
4,449.61
13:14 24/12/24
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"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.