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Jupiter Fund Management weak after Cannacord Genuity downgrade ahead of results

Published: 10:55 31 Jan 2023 EST

Financial growth
In late afternoon trading on Tuesday, Jupiter shares were trading at 141p, down 3.1%

Analysts at Canaccord Genuity have cut their recommendation for Jupiter Fund Management PLC (LSE:JUP) to 'hold' from 'buy' following a recent share price rally, although they raised their target price for the stock to 142p from 106p.

In late afternoon trading on Tuesday, Jupiter shares were trading at 141p, down 3.1%.

In a note to clients, the Canaccord analysts said: "The asset managers peer group has re-rated meaningfully since the beginning of Q4'22 helped by higher market levels, with average share prices +36%.

"Jupiter has outperformed over that period, with the share price +58%. The company will report FY22 results on 24th February, when we expect further clarity to be provided on the cost outlook for FY23, following the update provided in October by the new CEO which confirmed a c.15% headcount reduction."

"We believe a positive surprise on costs (possible) and/or net flows (unlikely) would be required to drive a further re-rating from here. Hence, we believe further upside is limited in the short term following the strong share price run," the analysts concluded.

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