JP Morgan has taken a more cautious view of UK investment platforms, rating St James's Place and Aberdeen as 'neutral' as it resumes coverage of the sector.
Analyst Enrico Bolzoni has also placed St James's Place, the wealth manager, on negative catalyst watch ahead of its third-quarter update on client money flows.
That flags the risk of a near-term share price fall around the announcement.
The note, titled "Beware the Macro", sets out the broker's resumed ratings and price targets across platforms and stock exchanges.
JP Morgan has reinstated full coverage of TP ICAP, the interdealer broker, with an 'overweight' rating, meaning it expects the shares to beat the wider sector.
Coverage had previously been restricted.
The broker also reinstated its 'overweight' on London Stock Exchange Group and Deutsche Börse.
It said LSEG may need more time to play out, while Deutsche Börse offers more immediate upside.
Italy preferred
Outside the UK, JP Morgan continues to favour Italian platforms Fineco and Mediolanum, citing a supportive backdrop for asset gatherers in Italy.
Both have been placed on positive catalyst watch ahead of third-quarter results.
The broker expects analysts to raise their forecasts for both, helped by stronger net interest income, the money earned on client cash and loans.
In the Nordics, JP Morgan rates online broker Nordnet as 'overweight'.
It pointed to a supportive economic backdrop and good business momentum, helped by the group's exposure to several countries.
For UK wealth platforms, the broker's advice is to watch the economy before the flows.
