Ninety One downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Ninety One (NINTF) to Underweight from Neutral with a price target of 159 GBp, down from 165 GBp. The macro outlook for 2025 points to declining rates for European diversified financials, which should be favorable for transaction activity and net flows shifting into higher risk investments, benefitting private markets, wealth managers, brokers and asset managers, the analyst tell investors in a research note. Nevertheless, similar to 2024, politics and consolidation could result in volatility, adds the firm. It adjusted rating as part of a 2025 outlook.