Ninety One upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Ninety One (NINTF) to Neutral from Underweight with a price target of 178 GBp, up from 132 GBp. Following the first positive net flow print since March 2022, an improving backdrop for an eventual return of investors back to the emerging markets, EM, asset class, and a very strong performance of MSCI EM year-to-date, the firm points to evidence of an inflection point for Ninety One’s net flows and assets under management growth, the analyst tells investors in a research note. The firm adds however that given the recent very strong performance of the stock and geopolitical risks remaining prevalent, it will need to see much better flows than the ones embedded in its updated forecasts for the shares to outperform from current levels.