B+
Bull case
20%
Probability
Target price
$120.00
+36.7% vs current
Analyst tone is cautiously constructive with several raised targets and a mid/high-$90s median; dispersion persists, reflecting concern around flows and margin durability. Market optimism hinges on stabilizing AUM and buyback signal.
No evidence quality warning is currently attached to this memo.
An enlarged share-repurchase program or special return would be EPS-accretive and likely prompt multiple expansion; timing is opportunistic.
Quarterly results and AUM/net-flow detail will drive re‑rating through fee, performance, and margin guidance; assumes no major one-offs.
Adverse markets or client redemptions could reduce fee and performance income, compressing margins and valuations.
No formal recommendation provided.