05:48 AM EDT, 09/25/2026 (MT Newswires) -- Berenberg retained its buy rating on Intermediate Capital Group (ICG.L), or ICG, as analysts noted expectations of "strong" fundraising in the fiscal first half ahead of results due Nov. 11. "Considering the fundraising outperformance in Europe IX, we now assume stronger catch-up fees in FY27. We add cGBP20m to catch-up fees, taking our estimate to GBP40m total, but reduce performance fees by an equal amount on account of the worsening macro outlook, leaving asset management earnings unchanged," according to a Friday note. Against this backdrop, the research firm cut its fiscal 2027 EPS estimate by 5.4%, as analysts "prudently" reduced their net balance sheet return projections to below 7% from 8% on assumptions that a higher-for-longer rate environment will affect valuations. Sales and EBIT forecasts for the fiscal year were also trimmed. Berenberg maintained the stock's price target at 26.40 pounds sterling based on its sector valuation framework, saying the stock's valuation is "too low" and does not reflect its scale, "superior" fund returns, fundraising outperformance, earnings growth profile, and the potential for capital distributions.

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