Citi upgrades Bridgepoint, says share price fall overdone

The bank noted that in its initiation report, it observed the strong growth opportunity available to Bridgepoint in the mid-market private asset space, but argued the valuation was rich relative to peers.

"The subsequent fall in the share price means this is no longer the case," it said. "Even after the bounce following the FY21 earnings beat the stock is still only trading on 23x 2023E price-to-earnings, so we see this as a more attractive entry point."

Last year, Bridgepoint became the first PE firm to list in London in decades.

At 1430 BST, the shares were up 3.9% at 365.20p.