Man Group upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Man Group (MNGPF) to Overweight from Neutral with a 256 GBp price target as part of a broader research note on European Financials. The firm anticipates material earnings growth on the back of improving fund performance for the company and believes that this is not reflected in the stock’s current valuation, the analyst tells investors in a research note. The big turnaround in performance seen in the second half of this year to date on its absolute return strategies bodes well for a normalization towards higher performance fees next year, the firm added.