Citi cuts Antin, Partners Group to 'neutral' as asset managers face volatility
15/04/2025 08:46
** Citi says European brokers and asset managers will likely see an impact on transaction activity and fundraising from geopolitical volatility ** It cuts Antin Infrastructure Partners ANTIN.PA and Partners Group PGHN.S to "neutral" from "buy" ** It expects the sector's performance earnings estimates to fall, and cuts price targets throughout ** The broker says Antin is highly discounted but concentrated in flagship funds and exposed to fundraising risks ** Partners Group also looks exposed and faces currency risks, Citi says ** It picks Intermediate Capital Group ICGIN.L on its more defensive business mix
| COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
| Antin Infrastructure Partners | Neutral | Buy | 11.0 euros | 14.90 euros |
| Bridgepoint Group BPTB.L | Buy | Buy | 3.60 pounds | 4.10 pounds |
| CVC Capital Partners CVC.AS | Buy | Buy | 20.70 euros | 25.80 euros |
| EQT AB EQTAB.ST | Neutral | Neutral | 275.0 Swedish crowns | 375.0 Swedish crowns |
| Intermediate Capital Group | Buy | Buy | 26.10 pounds | 27.30 pounds |
| Partners Group | Neutral | Buy | 1,120.0 Swiss francs | 1,470.0 Swiss francs |
| Tikehau Capital TKOO.PA | Buy | Buy | 20.80 euros | 25.50 euros |
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