JPM: 'Reasons to be cheerful' on financials on better economic outlook
09/12/2025 11:34
Repeats to widen distribution ** J.P. Morgan sees a better economic outlook in 2026 for private markets managers, exchanges and wealth platforms across Europe and the U.S. ** Broker says momentum is picking up, with several flagship funds launching in 2026-27, companies returning to sell more assets and a shift toward private wealth channels potentially helping offset slower institutional growth ** The sector trades at a substantial discount, leaving scope for significant upside as it delivers double-digit earnings per share growth over the next three years, JPM adds ** Brokerage is positive on exchanges into 2026, expecting greater transparency around AI strategies and strong financial execution ** It places LSEG LSEG.L on positive catalyst watch into its FY 2025 results, calling it an "AI winner" trading at a discount Key picks and rating changes:
| COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
| EQT EQTAB.ST | overweight | neutral | SEK 399.00 | SEK 358.00 |
| Bridgepoint BPTB.L | overweight | - | GBp 464 | GBp 424 |
| London Stock Exchange LSEG.L | overweight | - | GBp 13,100 | GBp 13,300 |
| Deutsche Boerse DB1Gn.DE | overweight | - | EUR 298 | EUR 292 |
| Fineco Bank FBK.MI | overweight | - | EUR 26.50 | EUR 23.10 |
| St James's Place SJP.L | overweight | - | GBp 1,725 | GBp 1,620 |
| Man Group EMG.L | overweight | neutral | GBp 256 | GBp 209 |
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