StockMarketWire.com - Shore Capital has downgraded its recommendation on wealth management group Brooks Macdonald [LON:BRK] to hold from buy following the today's fourth quarter trading update.

Shore said: "The strong recent run in the share price has seen it sail past our last published fair value of 2200p (set out in our post-interims note in Mar '17).

"We will be reducing this figure on the duel impact of the downgrade and a derating and will see how far the shares fall to determine whether this requires a double downgrade to SELL."

Brokerage firm Peel Hunt also downgraded its investment rating to hold from add, trimming its target price to 2,150 pence a share from 2,290 pence.




At 3:04pm: [LON:BRK] Brooks Macdonald Group PLC share price was -229p at 2254p



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