Jefferies lifts ICG price target
By Michele Maatouk
Date: Thursday 19 Dec 2024
(Sharecast News) - Jefferies lifted its price target on Intermediate Capital Group on Thursday to 2,700p from 2,300p.
"ICG, like most European alternative asset managers, has been largely overlooked by a market appearing to only see US peers as the beneficiaries of a potentially highly constructive capital markets scenario in the next 12-24 months," it said.
The bank said it sees scope for at least a partial catch-up as that notion is gradually disabused.
It noted that ICG has leading global franchises across private debt, corporate PE and GP-led secondaries.
The bank, which has a 'buy' rating on the stock, said recent large scale alts M&A is a reminder of the scarcity value of these platforms.
Jefferies said: "We expect the anticipated more constructive capital markets environment in 2025/26 to provide a timely reminder that ICG is exposed to broadly the same tailwinds as its US peers, resulting in the stock offering the potential for a compelling catch-up trade."
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