- Shore Capital has downgraded its recommendation on Brooks Macdonald [LON:BRK] to sell from hold, saying that the investment manager disclosed a couple of unexpected but material negatives in last week's trading update.

The broker said: "New CEO Caroline Connellan's first public interaction with the market was unfortunately a warning on expected future cost increases and an exceptional charge relating to customer redress at an offshore subsidiary.

"These issues overshadowed what was actually a more positive message around net flows where Brooks continues to grow faster than peers."

Peel Hunt downgraded the stock on the day of the update, 27 July, to hold from add and cut its target to 2,150 pence a share from 2,290 pence.

Meanwhile, N+1 Singer placed its recommendation and target price under review.

At 3:04pm: [LON:BRK] Brooks Macdonald Group PLC share price was +68p at 2079p

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