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UBS downgrades Man Group to neutral despite earnings upgrade due to recent share rally.

Analyst Insights
08 Jul 2026
Proactive Investors
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Neutral
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UBS downgraded Man Group PLC from 'buy' to 'neutral' after the stock's recent strong rally made it fairly valued, despite raising its 2026 earnings forecast by 5% and price target to 320p. The bank remains positive on the company's fundamentals and expects further earnings upgrades ahead of its first-half results. However, with the stock now trading near its eight-year average valuation, UBS sees the risk-reward balance as more even. Analysts highlight sharply increased performance fee expectations and strong future earnings potential, but the recent price gains have tempered the upside outlook.

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Ipsen repurchases 28,541 shares in early July at an average price of €166.05 per share.

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