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Antin: JPMorgan downgrades due to lack of catalysts

( - On Tuesday JPMorgan downgraded its Antin shares to "neutral" from "overweight" due to a lack of near-term catalysts.

In its comments, the broker explains that it has again postponed the prospect of a closing of the Flagship Fund V, which is now expected in early 2024, instead of Q3 2023.

The broker adds that it has lowered its Ebitda forecast for 2023 to E210m (from E227m previously), after the group presented an annual target of E200m to E240m.

While it acknowledges that Antin's stockmarket valuation may seem "attractive" after its poor performance YTD (-20%), JPMorgan says that it cannot detect any element that is likely to lead to a significant appreciation of the share in the near future.

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