Jefferies upgrades £2.5bn Hipgnosis Songs fund to 'Buy'

'Now or never'

The £2.5bn Hipgnosis Songs fund has been upgraded from 'Hold' to 'Buy' by analysts at Jefferies, who argue its risk/reward dynamic has become "more favourable".

The note was published ahead of the forthcoming results and subsequent continuation vote. Jefferies reiterates 'Buy' rating on M&G amid £1bn wholesale inflows The analysts believed SONG could attempt to appease shareholders by announcing plans to make portfolio disposals, providing a catalyst to help narrow its current deep 46% discount to net asset value. "As such, we upgrade to buy," the analysts wrote. The investment trust is due to report its final results in July for the year to the end of March 2023. An AGM will follow in September or October, where its first continuation vot...