Intermediate Capital Group (LSE:ICP) has been upgraded by Deutsche Bank which said "risk off periods have tended to be the best time to buy" the alternative asset manager.
Analysts at the bank moved their rating to 'buy' from 'hold', with a target price unchanged at 2550p compared to a last close price of 1922p.
"From a share price perspective, ICG has historically traded poorly when markets are in a risk-off phase," said analyst David McCann.
"Judging by the share price movement in recent weeks, this time feels no different, early on in this current risk-off market phase."
In his view, times like these make shares in the FTSE 100-listed group more attractive on a time horizon of a year or more.
Management fee related earnings are the key element of profits and have "substantial downside protection", the analyst added.
"Whilst there are other parts of group earnings / net worth more sensitive to the macro-economy, these are smaller, less valuable and we think there are substantive potential offsetting considerations."