Deutsche Bank downgrades Man Group to 'hold'
Man Group
207.60p
16:45 06/09/24
-2.99%
-6.40p
Deutsche Bank downgraded Man Group on Tuesday to ‘hold’ from ‘buy’ and cut the price target to 280p from 325p.
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It noted the growing risks to performance fees, flows and incremental share buybacks from the weakening short-term investment performance observed.
The bank said: "Whilst the recent H124 results were broadly in line with our expectations, this has been clouded somewhat by a short-term outlook including weakening investment performance, a large expected redemption in Q3, slightly softer run-rate revenue margins and some cost headwinds."