Numis has moderated its recommendation on asset manager River & Mercantile (LON:RIV) and moved to a 'hold' rating (from 'add') following the recent share price appreciation.
The stock is up around 6 per cent in the past month and up by 15 per cent on a three-month view.
The broker said: "We believe the short term valuation (relatively high by sector standards), fairly reflects the medium-long term growth potential, balanced with the shorter term current earnings outlook."
Analysts have left their target price unchanged at 235 pence a share.
At 2:44pm: (LON:RIV) River And Mercantile Group share price was 0p at 224p