Jefferies lifts ICG price target

(Sharecast News) - Jefferies lifted its price target on Intermediate Capital Group on Thursday to 2,700p from 2,300p. "ICG, like most European alternative asset managers, has been largely overlooked by a market appearing to only see US peers as the beneficiaries of a potentially highly constructive capital markets scenario in the next 12-24 months," it said.

The bank said it sees scope for at least a partial catch-up as that notion is gradually disabused.

It noted that ICG has leading global franchises across private debt, corporate PE and GP-led secondaries.

The bank, which has a 'buy' rating on the stock, said recent large scale alts M&A is a reminder of the scarcity value of these platforms.

Jefferies said: "We expect the anticipated more constructive capital markets environment in 2025/26 to provide a timely reminder that ICG is exposed to broadly the same tailwinds as its US peers, resulting in the stock offering the potential for a compelling catch-up trade."