MARKET TALK: BofA Merrill Lynch Trims Man Group Price Target

21st Jun 2010 11:00

1000 GMT [Dow Jones] Bank of America Merrill Lynch trims Man Group (EMG.LN) price target to 355p from 360p, "reflecting a combination of lower estimates, wider credit spreads and lower bond yields." It cuts its '11 EPS estimate to $0.34 from $0.40, '12 EPS to $0.43 from $0.49 and '13 EPS to $0.57 from $0.60 to reflect a slightly different view on expenses, rather than the FY'10 results themselves, which were ahead of estimates. BofA continues to like Man and thinks the acquisition of GLG Partners (GLG) is a clear positive which makes strategic sense. Buy rating. Shares +1.9% at 253p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 21, 2010 06:00 ET (10:00 GMT)