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Investing.com - Deutsche Bank (ETR:DBKGn) raised its price target on Jupiter Fund Management (LON:JUP) to GBP1.10 from GBP0.90 on Friday, while maintaining a Hold rating on the stock.
The price target adjustment follows Jupiter’s acquisition of CCLA, which Deutsche Bank views as an "inexpensive and sensible use" of the company’s substantial surplus capital.
Deutsche Bank notes that the acquisition appears financially attractive, assuming Jupiter can realize the targeted cost synergies without significant revenue disruptions, which seems plausible given the limited client and product overlap between the companies.
The bank believes the deal will improve Jupiter’s diversification across both client segments and product offerings, specifically adding non-profit and local authority clients while expanding into multi-asset, money market, and property products.
These improvements should help Jupiter establish a more stable operating profit trajectory and consequently improve its ordinary dividend outlook, according to Deutsche Bank’s analysis.
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