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    Citi cuts Antin, Partners Group to 'neutral' as asset managers face volatility

    Picture of Tikehau Capital SCA logoTikehau Capital SCA
    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


    COMPANYRATINGOLD RATINGPTOLD PT
    Antin Infrastructure PartnersNeutralBuy11.0 euros14.90 euros
    Bridgepoint Group BPTB.LBuyBuy3.60 pounds4.10 pounds
    CVC Capital Partners CVC.ASBuyBuy20.70 euros25.80 euros
    EQT AB EQTAB.STNeutralNeutral275.0 Swedish crowns375.0 Swedish crowns
    Intermediate Capital GroupBuyBuy26.10 pounds27.30 pounds
    Partners GroupNeutralBuy1,120.0 Swiss francs1,470.0 Swiss francs
    Tikehau Capital TKOO.PABuyBuy20.80 euros25.50 euros
    

 (Reporting by Alessandro Parodi)

 ((alessandro.parodi@thomsonreuters.com))

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