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Investing.com - Canaccord Genuity has upgraded Jupiter Fund Management (LON:JUP) from Sell to Hold, while doubling its price target to GBP1.20 from GBP0.60.
The upgrade follows management actions to address both revenue and cost challenges that have affected Jupiter and other UK traditional asset managers in recent years, according to the research firm.
Canaccord Genuity highlighted Jupiter’s recently announced internal cost reductions, which are expected to deliver approximately 25% earnings uplift over fiscal years 2025 and 2026.
The research firm also noted Jupiter’s July acquisition of CCLA, describing it as "immediately accretive" with an estimated 17% accretion before cost synergies and approximately 40% including fully realized cost synergies.
Despite these positive developments, Canaccord Genuity indicated that organic revenue growth prospects remain "fragile," citing ongoing challenges from the shift from active to passive investing, revenue margin compression, and continued net outflows in higher-margin retail business.
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