Deutsche Bank downgrades Man Group to 'hold'

30th Jul 2024 15:44

(Sharecast News) - Deutsche Bank downgraded Man Group on Tuesday to 'hold' from 'buy' and cut the price target to 280p from 325p.

It noted the growing risks to performance fees, flows and incremental share buybacks from the weakening short-term investment performance observed.

The bank said: "Whilst the recent H124 results were broadly in line with our expectations, this has been clouded somewhat by a short-term outlook including weakening investment performance, a large expected redemption in Q3, slightly softer run-rate revenue margins and some cost headwinds."