Goldman Sachs on Monday upgraded its recommendation on Eurazeo shares to 'buy' from 'neutral', with a price target raised from €83 to €91.

In a sector note, the research firm highlights the asset management specialist's prospects for returns to shareholders.

In Goldman's view, the company is well on the way to successfully completing its transition phase, which will see it switch from a proprietary investment model to that of an alternative asset manager for third-party accounts.

The analyst is also increasingly optimistic about the Group's ability to monetize its portfolio - which now stands at some 8.5 billion euros - as illustrated by the attractive conditions under which its latest disposals were carried out.

In its view, this factor could lead Eurazeo to further step up its share buy-backs, bearing in mind that the Group is already planning 2.3 billion euros of capital redistribution over the 2024-2027 period.

Its new target shows a potential upside of around 28%.

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