ICG Shares: Citi Lifts Target, Remains Bullish on European Brokers & Asset Managers

Citi analysts believe ICG (LON: ICG) shares are set to head higher, breaking out from their recent consolidation.

In a recent note to clients, the bank raised its price target on the stock to 2,550p from 2,470p per share, reiterating a Buy rating and reaffirming its positive stance on European brokers and asset managers. 

Analyst Nicholas Herman said alternative asset managers remain the bank’s “most preferred sub-sector within European Div Fins,” arguing that fundamentals are improving and that a continued recovery in deal activity “should drive re-rating.”

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ICG, a major player in private credit and alternative assets, has been the subject of a series of recent analyst adjustments. 

JPMorgan lowered its target to 2,707p last month from 2,736p but kept an Overweight rating, while Morgan Stanley lifted its target to 2,800p from 2,600p in November, also maintaining an Overweight stance. 

BNP Paribas Exane took a more cautious view in October, downgrading the shares to Underperform with a 2,100p target.

Citi highlighted what it sees as strengthening underlying trends across the sector, supported by improved sentiment and expectations of rising transaction activity after a muted period for capital markets.

Overall, data from TradingView shows that 11 of 15 analysts covering ICG have a Buy rating, with 2 at Neutral and 2 at Sell. The average price target is 2,578p, suggesting a potential 25.4% upside.