Equity research analysts at Macquarie have downgraded their recommendation on specialist asset manager Intermediate Capital Group (LON:ICP) to 'neutral' after revising their estimates post the half-year results.
Specifically, the broker commented: "We downgrade the stock to a Neutral largely on valuation as the stock trades at 1.8x current and 1.7x forward PBV (Price to Book)."
It added: "Although FY18 is likely to be a stronger year for gross flows as some of the more established themes return to the market to refund, the fees generation is likely to lag flows."
Macquarie has a new 675 pence per share target in place.
At 1:58pm: (LON:ICP) Intermediate Capital Group PLC share price was +14p at 687.5p