Financial services company Marex Group could see more than 70% from here, due to its momentous growth rate, according to Goldman Sachs.
The firm initiated coverage of London-based Marex Group, a global broker-dealer and commodities market maker, on Monday with a buy rating and a $33 per share price target.
About half the growth came from acquisitions, while the rest came from organic growth and share gains, according to Goldman analyst Alexander Blostein.
Catalysts behind this growth include strong industry volumes and tailwinds for the Futures Commission Merchants market.
Marex Group debuted on the Nasdaq in late April, priced initially at $19 a share.
Persons:
Goldman Sachs, Goldman, Alexander Blostein, Blostein, MRX, ROE
Organizations:
Marex, Futures Commission Merchants, Nasdaq, Futures Commission
Locations:
London, Europe