Man Group's modeled fair value has been lifted from £3.59 to £3.71 as analysts raised their price targets on the London-listed asset manager. Citi and UBS both upgraded the stock to Buy, with UBS pointing to AHL performance since early August as support for its higher 365 GBp target and Citi lifting its target to 390 GBp on what it calls significant earnings upside potential. Deutsche Bank kept its Hold rating even as its target moved from 310 GBp to 360 GBp, while Morgan Stanley stayed at Equal Weight and nudged its target range from 319 GBp to 362 GBp. Behind the revised fair value, the revenue growth assumption rose from 8.20% to 9.41%, the net profit margin assumption slipped from 32.04% to 31.04%, the future P/E multiple moved from 9.96x to 10.21x, and the discount rate edged from 8.34% to 8.39%.
Deutsche Bank Aktiengesellschaft
Man Group PLC
Morgan Stanley
UBS Group AG
CTBC Financial Holding Co Ltd
Citigroup Inc.