- Equity analysts at Morgan Stanley have downgraded their investment rating on 3i Group [LON:III] to equal weight (from overweight) believing now is an appropriate time to for investors to take profits.

The broker said: "Robust earnings delivery and unrealised PE portfolio valuation gains drive NAV uplift. We value Action at 341p per 3i share with increased confidence on delivery.

"While 3i's remaining PE portfolio provides upside earnings risk, we see better risk reward elsewhere in the asset management space."

Nevertheless, the City heavyweight upped its price target to 940p per share (from 823p).

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