JPM ups private markets managers on lower rates outlook, shares soar

Petershill Partners

15/12/2023 10:07

** J.P. Morgan upgrades stocks in the private markets
managers sector, "turning a little bit more constructive" given
the outlook for lower rates
    ** It raises France's Antin Infrastructure Partners
 ANTIN.PA  to "overweight" from "neutral" on its "depressed"
valuation compared to peers
    ** "We think a gradually improving environment will
highlight the fact the stock is mispriced to investors," the
broker says on the company
    ** JPM also ups Sweden's EQT  EQTAB.ST  to "neutral" from
"underweight", stating that "a more supportive rate environment
relives some of the downside risks"
    ** Shares in Antin are up 7.3% at 0847 GMT, on track for
their best day in a year, while EQT rises 5.2%
    ** It names Antin, Petershill  PHLL.L  and ICG  ICGT.L 
(both "overweight") as its top picks in the sector

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))