Peel Hunt upgrades Jupiter Fund Management to 'buy', shares surge
Jupiter Fund Management Plc surged on Thursday as Peel Hunt upgraded the shares to 'buy' from 'add' and hiked the price target to 156p from 90p.
It said Peel Hunt's acquisition of CCLA - a manager of money for UK charities - will drive earnings growth.
Analyst Stuart Duncan said upgrades don't come much bigger than this.
He said the CCLA acquisition appears strategically sensible and delivers the scale needed.
Combining performance fees this year and the acquisition next year, the broker lifted forecasts for FY25/26/27 by 83%, 51% and 66%, respectively.
It said that regardless of the flow environment, Jupiter is set to deliver attractive earnings growth in the coming years.
At 1100 BST, the shares were up 14.5% at 143.18p.
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