Deutsche Bank has downgraded Man Group PLC (LSE:EMG), the London-listed hedge fund manager, to hold from buy, judging that its shares are now up with events after a strong run.
The bank raised its price target to 310p from 295p, against a last close of 296.60p.
Analyst David McCann said the shares now fairly priced in the company’s current positioning and outlook.
The downgrade follows a volatile but ultimately positive 2025, in which Man Group delivered a total shareholder return of 16%.
That performance masked sharp swings, with the shares down 17% in the first half before rebounding 39% in the second, against a 24% rise in the FTSE All-Share.
The momentum has carried into 2026, with the stock up 34% so far this year, well ahead of the 7% gain in the wider index.
McCann attributed the strength to a recovery in fund performance across most of the company’s flagship funds in the second half of 2025.
That recovery continued into the start of 2026 and has largely held ground since.
The improvement brings the prospect of a healthier flow outlook, McCann said, though he cautioned that it remained fragile and volatile.
It also points to an improved outlook for performance fees, a key driver of earnings for the group.
Man Group is one of the world’s largest listed hedge fund managers, running a mix of quantitative and discretionary investment strategies.
The shares had already recovered much of the ground lost during last year’s downturn before the latest upgrade to the bank’s target.