Deutsche Bank has flagged the potential for material upgrades to earnings forecasts at Polar Capital Holdings PLC (AIM:POLR), the London-listed fund manager, estimating that its assets under management jumped 42% in the first quarter.
The bank reiterated its buy rating and raised its price target to 1,300p from 1,250p.
Analyst David McCann estimated that Polar's assets under management rose to £43.4 billion, driven by a rally in technology stocks and broader market gains.
McCann put net inflows for the quarter at £2.4 billion, with the technology strategy alone attracting £2.6 billion.
In June to date, he estimated a further £0.6 billion of net inflows, again led by technology, lifting assets 3% over the month.
Deutsche's estimates, marked to current market levels, sit well ahead of analyst consensus.
The bank put its earnings per share forecasts around 75% above consensus for the 2027 financial year and beyond.
McCann suggested that consensus forecasts for assets, revenues and earnings could see a natural catch-up when Polar reports its full-year results.
Those results are due on 1 July, the day after the note was published.
On Tuesday, the shares were changing hands for 867.27p, up 5%, but still some way short of the Deutsche target.
The gap between the bank's estimates and consensus centres on the scale of the recent technology rally, which has lifted both Polar's fund performance and the value of its existing assets.
