LONDON (ShareCast) - (Sharecast News) - Deutsche Bank downgraded shares of asset manager Ashmore on Tuesday to 'sell' from 'hold' and cut the price target to 130p from 140p.
It pointed to a high valuation and too much optimism from analysts about fund flows.

The bank said the return to meaningful net inflows projected within consensus is not a reasonable base case given the current circumstances and outlook.

It noted that in the last reported quarter, net flows remained negative and were slightly weaker than consensus expectations.

DB also said that Ashmore trades at a material and unjustified premium to traditional sector peers.

At 1000 GMT, the shares were 3.2% lower at 165.60p.

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