On Tuesday, JPMorgan downgraded its recommendation on Antin from 'overweight' to 'neutral', due to a lack of short-term catalysts.

In a research note, the intermediary explains that it has further postponed the prospect of closing the Flagship Fund V, now expected in early 2024 rather than in the third quarter of 2023.

The analysis adds that it has lowered its Ebitda forecast for 2023 to €210 million from €227 million, following the Group's presentation of an annual target of between €200 and €240 million.

While acknowledging that Antin's stock market valuation may seem "attractive" after its poor performance since the beginning of the year (-20%), JPMorgan says it does not foresee any element likely to lead to a significant revaluation of the share in the immediate future.

The professional backs up his pessimism with gloomy market sentiment, which he attributes to the prospect of a slowdown in demand from institutional investors, likely in turn to weigh on the group's inflows.

Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.