Goldman Sachs downgraded M&G Plc to neutral, reducing the 12‑month price target to 320p from 330p.
Shares had risen over 50% in the past year, trading at 297.2p on April 20, implying ~7.7% upside to the new target.
The rally was driven by a May 2025 Dai‑ichi Life partnership, strong asset‑management flows, and an 11% upgrade to 2027 operating‑profit estimates.
GS cut 2026‑2030 EPS forecasts ~3% and sees no near‑term capital returns despite Solvency II ratio improving to 242% in 2025.