JPMorgan Reiterates Underweight Stance on Ashmore Group

JPMorgan Reiterates Underweight Stance on Ashmore Group as Price Target Holds Steady

JPMorgan has maintained its Underweight rating on Ashmore Group, with a steady price target of GBP 1.84. The firm’s analyst highlighted the recent 8% rise in Ashmore’s shares, which can be attributed to improved market performance and a slowdown in net outflows during Q4 of 2023. However, while Ashmore’s first-half fiscal year 2024 results exceeded initial consensus expectations, its adjusted EBITDA fell short of JPMorgan’s forecast by 10%.