Man Group Shares Gain After JPMorgan Turns Bullish

Man Group (LON: EMG) received another vote of confidence from analysts on Monday after JPMorgan upgraded the London-listed asset manager to Overweight from Neutral, citing a stronger outlook for earnings and performance fees in 2026.

In a broad research note on European financials, JPMorgan set a 256p price target, arguing that the market is underestimating the extent of Man Group’s earnings recovery. 

The bank highlighted a material improvement in fund performance across the firm’s strategies, particularly in absolute return products, which have seen a sharp rebound through the second half of 2025.

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According to the analysts, this upswing “bodes well for a normalisation towards higher performance fees next year,” suggesting that Man Group is entering 2026 with momentum not yet priced into the shares.

The call follows last week’s initiation from Kepler Cheuvreux, which began coverage with a Buy rating and a 233p price target, describing Man Group as a high-quality asset manager trading at a discount to peers. 

Man Group shares are up around 0.1% this year; however, in the last six months, it has bounced, climbing close to 20% to around 214.8p per share. Following the JPMorgan note, the stock is up over 3%.