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On Thursday, Keefe, Bruyette & Woods analyst Kyle Voigt increased the price target on Marex Group PLC (NASDAQ:MRX) shares to $45 from the previous $36, while maintaining an Outperform rating. This adjustment follows Marex’s release of preliminary first-quarter results for 2025, which exceeded market expectations.
Marex reported first-quarter revenues of approximately $456.8 million, surpassing the consensus estimate of $428.2 million by 7%. The diluted earnings per share (EPS) for the quarter reached around $0.90, which was higher than the consensus forecast of $0.81. The company attributed its strong performance to high activity levels across its platform, with notable success in its Prime Services and Energy businesses within the Agency & Execution segment.
In light of these results, Keefe, Bruyette & Woods has raised its forward estimates for Marex and updated the 12-month price target to $45, reaffirming the Outperform rating. The firm’s analysis indicates that Marex has demonstrated significant business momentum in the first quarter of 2025, driven by better-than-expected top-line results.
Although there is an expectation for the business environment to soften through the remainder of the year, recent acquisition activity, including Aarna Capital and Hamilton Court, is anticipated to help mitigate some of this impact. Looking ahead to 2026, Keefe, Bruyette & Woods has increased its estimates for Marex based on a higher base in 2025—partially driven by market share gains—as well as industry-wide expectations for increased exchange volume.
In other recent news, Marex Group has reported strong first-quarter revenue for 2025, with expectations ranging from $449.3 million to $464.3 million, a significant increase from the previous year’s $365.8 million. The company’s robust performance is attributed to high client activity and favorable market conditions, particularly benefiting its Prime Services and Energy businesses. Adjusted Profit Before Tax is projected to be between $92.3 million and $97.3 million, up from $67.7 million in the same quarter of the previous year. Jefferies has raised Marex’s stock price target from $38.00 to $42.00, maintaining a Buy rating, citing positive shifts in operations and a promising volume environment. Conversely, HSBC downgraded Marex’s stock rating from Buy to Hold, despite raising the price target to $36, reflecting limited potential for further upward re-rating. Keefe, Bruyette & Woods reiterated an Outperform rating with a $36.00 price target, highlighting Marex’s revenue and earnings per share exceeding expectations. The company’s strong start to 2025 is noted, with sustained positive momentum in its Clearing and Agency & Execution segments.
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