Deutsche Bank downgraded Man Group on Tuesday to ‘hold’ from ‘buy’ and cut the price target to 280p from 325p.
Man Group
30 July 2024 16:00:30
Source: Sharecast
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."
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