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.
“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.
