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FTSE 250 movers: Asset managers slide; Dr Martens steps ahead on BoA 'buy'
(Sharecast News) - Liontrust Asset Management reported net outflows and a decrease in assets under management and advice in an update on Friday, as well as recent developments related to the proposed acquisition of GAM Holding. Ashmore Group reported a $1.8bn decrease in assets under management in the June quarter on Friday, on the back of positive investment performance of $1.1bn, but net outflows of $2.9bn.
Asset manager Ninety One on Friday said its assets under management fell to £124.8bn at the end of June, compared with £129.3bn at March 31 and £135bn a year earlier.
Dr Martens surged on Friday after Bank of America Merrill Lynch lifted the stock to 'buy', arguing that the iconic bootmaker has an "attractive value proposition".
The bank noted that Dr Martens shares have de-rated by 25% since the IPO.
"We see opportunity to consider the stock given its more robust earnings expectations and signs of a cleaner equity story to come," it said.
BofA ML said the shares are "simply too cheap" and that four profit warnings in the last 12 months and a recent downgrade to medium-term guidance suggest expectations have reset.
The bank also pointed out that changes are on their way. "The group is reinvesting in the business, which should help limit operational surprises, while senior personnel changes are also taking place," it said.
BofA noted that the brand isn't broken and that its popularity has actually improved. In addition, it forecast return on capital employed above peers.
BofA cut its price target on the stock to 165p from 210p.
FTSE 250 - Risers
Dr. Martens (DOCS) 134.20p 6.51% Renishaw (RSW) 3,996.00p 2.46% Bridgepoint Group (Reg S) (BPT) 202.20p 2.22% Virgin Money UK (VMUK) 166.90p 2.14% Investec (INVP) 465.90p 1.97% Crest Nicholson Holdings (CRST) 186.00p 1.86% Pacific Horizon Inv Trust (PHI) 572.00p 1.78% Morgan Sindall Group (MGNS) 1,862.00p 1.75% Tyman (TYMN) 270.00p 1.69% Domino's Pizza Group (DOM) 311.20p 1.63%
FTSE 250 - Fallers
Liontrust Asset Management (LIO) 640.00p -9.73% Ashmore Group (ASHM) 203.00p -6.37% easyJet (EZJ) 481.70p -2.86% FDM Group (Holdings) (FDM) 586.00p -2.66% Helios Towers (HTWS) 88.45p -2.48% UK Commercial Property Reit Limited (UKCM) 51.30p -2.47% Ninety One (N91) 169.90p -2.47% Energean (ENOG) 1,027.00p -2.38% Capita (CPI) 28.96p -2.16% NCC Group (NCC) 101.80p -1.93%
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