AJ Bell PLC (LSE:AJB) has been slapped with a rating cut by UBS, which sees the wealth platform continuing to do well but this prospect is in the share price.
The FTSE 250-listed group should grow its market share as fund flow begins to recover while Consumer Duty concerns have eased as the Financial Conduct Authority focuses on interest income on client cash.
"We see AJB well positioned to grow its market share, thanks to a competitive pricing and service offering."
But as the shares trade for 20 times 2025 earnings, "these positives are well reflected in the current share price", the bank's analysts said.
Shares eased 1% to 416.5p.