CG Capital upgrades Man Group to 'buy,' shares up
) climbed over 2% on Wednesday after CG Capital Markets upgraded the stock to a"buy" rating, citing a compelling valuation and confidence in the company’s long-term growth prospects.
While CG anticipates slight net outflows in 2024, the brokerage expects a return to growth in 2025 and beyond.After hitting a low of $172 million in 2019, Core PBT has steadily improved, with projections exceeding $300 million in 2024—marking the highest level in over a decade. Despite weaker performance fee earnings in 2023 and expectations for similarly subdued results in 2024, CG remains confident in the firm’s ability to generate strong returns in the long term.
This financial stability provides flexibility for potential acquisitions or capital returns, which the firm has executed successfully in the past. While 2023 and 2024 are projected to buck this trend, CG believes this is not indicative of a structural issue but rather a temporary dip. CG Capital Markets set a new price target of 272p for Man Group, up from 194p, representing a 30% upside.
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