July 1, 2019 / 11:06 AM / 15 days ago

BUZZ-Jupiter Fund Management: Rises after Canaccord Genuity upgrades to 'hold'

** Shares of British asset manager Jupiter Fund Management Plc +2.4% at 432.5 pence

** Canaccord Genuity upgrades stock to “hold” from “sell”

** “The pace of gross outflows is abating at JUP and hence we believe the group could report a net inflow position for the first time in five quarters for Q2’19,” brokerage Canaccord Genuity says

** “The recent win of a 300 mln pound segregated mandate from Omnis will be helpful for H2 flows” - Canaccord Genuity

** Canaccord raises JUP’s FY19 and FY20 EPS forecasts by 11% and 21%, respectively, due to increases the brokerage makes in average AUM forecasts each year

** Of 14 brokerages covering the stock, three rates the stock “buy” or an equivalent rating, six at “hold”, five at “sell” or an equivalent rating (Reporting by Justin George Varghese in Bengaluru)

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