Jefferies lifts ICG price target
Intermediate Capital Group
2,076.00p
17:15 19/12/24
Jefferies lifted its price target on Intermediate Capital Group on Thursday to 2,700p from 2,300p.
Financial Services
17,768.58
17:15 19/12/24
FTSE 100
8,105.32
17:15 19/12/24
FTSE 350
4,471.69
17:15 19/12/24
FTSE All-Share
4,428.91
16:35 19/12/24
"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."