JPMorgan analyst Kenneth Worthington downgraded Forge Global (FRGE) to Underweight from Neutral without a price target The firm made several changes in the brokers, asset managers, and exchanges space, saying alternative asset managers “continue to see compelling secular tailwinds,” with retail and wealth as the “most compelling.” JPMorgan sees exchanges as “less compelling in positive markets,” which results in slower growth than in more asset sensitive financials such as asset managers and some brokers. The firm sees the potential for Trump policies to favor energy exchange businesses, but sees less compelling growth in other asset classes. Brokers is JPMorgan’s favorite sector to begin 2025. More resilient short-term rates will support margin lending and other higher-margin businesses and a retail customer base that is making money likely extends a more active trading period for retail investors, the analyst contends.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
