NASDAQ:HFLO 31 December 2025

July 8, 2026, 8:09 AM EDT. UBS cut its rating on Man Group PLC (LSE:EMG) to 'neutral' from 'buy', even as it raised its 2026 earnings estimate by 5% and moved the price target up to 320p from 290p. UBS pointed to the recent rally that has pushed Man Group's valuation to around 9.8 times forward earnings, right at the eight-year average. The bank's analysts still see good earnings potential, bumping their performance fee and EPS forecasts for 2027 and 2028 by 15-25%. But after recent gains, UBS said a lot of good news looks priced in, leaving the risk-reward for the FTSE 250 asset manager more balanced before first-half results.