Numis upgrades Man Group to 'buy'

Numis has lifted its recommendation for investment manager Man Group from 'hold' to 'buy' and hiked its target price from 260p to 315p, saying that the company's decent short-term investment performance "cannot be ignored".

The broker said it has updated its estimates for Man Group following its full-year results announced last week.

While there was little change to numbers after an in-line set of results, "most of the group's key strategies" have performed well so far in 2024, which has driven an upgrade to forecasts.

Numis acknowledged that the recent investment performance might not be sustained, but for now it sees decent upside.

"We do not think the share price has adequately captured the strength of the investment performance delivered so far this year and the favourable P&L implications. With more than 20% upside to our new target price [...] our recommendation moves to 'buy'," the broker said.

Man Group's shares were down 0.1% at 248.5p by 1132 GMT, having gained more than 8% so far this year.