On Monday, Deutsche Bank (ETR:DBKGn) updated its outlook on Jupiter Fund Management (LON:JUP:LN), raising the price target to GBP1.00 from GBP0.90, while retaining a Hold rating on the shares. The adjustment follows the company's recent performance, which surpassed the bank's forecasts in several key areas.
The financial institution noted that Jupiter's management fee earnings before interest and taxes (EBIT) were 16% higher than anticipated. Additionally, the company experienced modest monetary gains, but significant in percentage terms, from performance fees and unhedged seed gains. These factors contributed to an adjusted earnings per share (EPS) that was 35% above Deutsche Bank's expectations.
Despite the positive outcomes in the first half of the year, Deutsche Bank expressed a cautious outlook. The analyst pointed out that the factors leading to the better-than-expected results in the first half are unlikely to repeat or may not do so to the same degree in the future.
In light of the recent performance and updated guidance, Deutsche Bank has increased its forecast for Jupiter's FY25E EPS by 2%. This revision reflects the new data and market conditions taken into account following the company's reported results. Jupiter Fund Management's latest financial data has led to a modest increase in expectations, with the price target now set at a pound sterling.
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