Barclays upgrades Jupiter, says risk/reward balanced
Jupiter Fund Management
88.55p
16:40 28/03/24
1.72%
1.50p
Barclays upgraded Jupiter Fund Management on Wednesday to ‘equalweight’ from ‘underweight’ and cut the price target to 110p from 120p, as it pointed to a discounted valuation and emerging optimism.
Financial Services
14,827.91
17:14 28/03/24
-0.92%
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FTSE 250
19,884.73
17:14 28/03/24
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FTSE 350
4,383.21
17:14 28/03/24
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FTSE All-Share
4,338.05
16:50 28/03/24
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"A new CEO, a cost-reduction strategy, early signs of progress in winning institutional mandates and a trough valuation multiple mean we see risk/reward at Jupiter as balanced," the bank said.
"While retail flow momentum remains a concern, after a 23% assets under management decline year to date, we move to EW."
At 1115 GMT, Jupiter shares wereup 0.6% at 114.70p.