Broker pitches bullish view of "underappreciated" IP Group Proactive uses images sourced from ShutterstockIP Group PLC (LSE:IPO) has seen a bullish write-up from European investment bank Berenberg, which pitches a 'Buy' rating and a 119p price target that implies around 70% upside to its current price. Berenberg describes IP Group, the investor in early-stage companies, as an "underappreciated asset" whilst noting the current 40% discount to NAV despite improving portfolio valuations and a strong liquidity position. "IP Group is effectively a listed venture-capital manager and fund, having relationships with more than 30 leading universities, from which it forms spin-outs based on IP, focusing on the therapeutics, med. Berenberg highlighted further progress since the acquisition, including Pfizer moving berobenatide into phase 2b and launching two additional phase 1 programmes incorporating IP Group technology. The wider portfolio has also continued to attract funding, while IP Group finished 2025 with £211 million of cash and deposits after £68.1 million of realisations and £45.7 million of share buybacks.