Berenberg ups target price on Petershill Partners

The German bank stated Petershill's portfolio of partner firms had continued to raise funding at a good rate, in its view, despite management highlighting that the industry fund-raising environment had remained slower.

Berenberg also noted that performance fees were strong in the quarter, and said it believes that a pick-up in deal activity, which should be enabled by base-rate cuts, could be a tailwind for performance fee growth.

"While we do not materially move our EPS estimates (and await management's guidance for FY25), a strong Q3 has made us more confident in the outlook for the business," said Berenberg, which reiterated its 'buy' rating on the stock.

Reporting by Iain Gilbert at Sharecast.com