Deutsche Bank repeated its 'sell' on Liontrust Asset Management (LSE:LIO) after the asset manager's prelims on Wednesday citing a "lack of obvious strategy or catalyst to return the group to net inflows".
It also flagged an "increasing risk to the dividend in future years", which was only just covered by 2024 earnings and is "meaningfully uncovered based on forecasts for the coming two years.
Panmure Gordon was more upbeat, saying Liontrust is now structured for growth.
"A leaner cost base, a more efficient business model, a refreshed product offering and renewed routes to more markets will deliver materially for shareholders when, as we expect, the flow environment turns decisively," it told investors.
"The first tentative signs of that change in investor sentiment are being seen by the company, but the rating continues to discount the more difficult past than a much more promising future."
Panmure says 'buy' up to 1,050p. The stock is currently trading at 717.26p, down 1.2% on the day.