Barclays downgrades Rathbone Brothers to 'equalweight'
Rathbones Group
1,580.00p
16:40 17/04/24
0.51%
8.00p
Barclays downgraded Rathbone Brothers on Monday to ‘equalweight’ from ‘overweight’, arguing that despite a robust medium-term outlook, flows are likely to remain subdued for the remainder of the year, given pressure on key asset classes.
Financial Services
14,290.73
16:54 17/04/24
-0.15%
-21.82
FTSE 250
19,340.14
16:54 17/04/24
n/a
n/a
FTSE 350
4,316.81
16:54 17/04/24
n/a
n/a
FTSE All-Share
4,273.02
16:54 17/04/24
n/a
n/a
"This is likely to weigh on consensus estimates," the bank said. "Meanwhile, Rathbones' stark re-rating versus peers has removed the stock's clear valuation discount."
Barclays maintained its 2,200p price target on the stock.
At 1005 BST, the shares were down 1% at 2,000p.