Shares in Man Group PLC (LSE:EMG) were 1.3% higher in early trade after Credit Suisse raised its price target on the stock and repeated its ‘outperform’ recommendation.
The Swiss bank also increased its estimates for funds under management and management fees but trimmed back its estimate for performance fees following Wednesday's prelims.
The first-quarter results in April should provide investors with an insight as to the ongoing performance of the hedge fund giant, CS added.
It also pointed out that at a valuation of just 8.6 times 2024 earnings, Man trades at a discount to the sector.
As such, CS is raising its price target to 310p a share from 265p.
At 9.05 am, Man stock was changing hands for 282.7p, up 3.7p.
Of the 13 banks and brokerages logged as following Man Group, nine are positive on the shares. The consensus price target is 276p.