Numis has downgraded Man Group (LSE:EMG) to Hold from Buy, lifting its price target to 310p from 295p, as analyst David McCann concludes the FTSE 100-listed alternative asset manager's shares have run ahead of the investment case.
McCann argues that a 34% year-to-date total return in 2026, against just 7% for the FTSE All-Share, has fully priced in the group's improving positioning, leaving little room for further appreciation at the current 296.60p last close.
The call follows a recovery in performance across most of Man Group's flagship funds in the second half of 2025 and into early 2026, a rebound McCann frames as real but still fragile, with the 310p target implying only modest upside from current levels.
McCann flags that the recovery does improve the prospect of healthier flows and a stronger performance fee outlook, but characterises both as volatile and not yet sufficiently certain to justify a higher rating.
