HSBC downgraded Marex Group (MRX) to Hold from Buy with a price target of $36, up from $33. The firm says good execution and favorable market conditions drove solid 2024 earnings growth for the company. However, it downgraded the shares on valuation following the recent rally. Marex’s environment in 2025 may be less supportive, and bond prices are starting to price lower policy rates, the analyst tells investors in a research note. HSBC believes the company’s growth would need to be both “substantial and sustainable” to justify a higher valuation multiple.
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