Liberum lowered to its target to 394p from 481p, even though it was impressed by the 6.8% rise in new money coming in during the year to September.
The house also reduced its forecasts in 2019 and 2020 by 3.5% and 2.5% respectively to reflect ‘larger client growth leading to larger clients move up pricing tiers’.
Shore Capital, meanwhile, maintained a price target of 420p and kept Brewin Dolphin as its top pick in the wealth management sub-sector.
One concern, though, said Shore was Brewin's intent to undertake a major IT upgrade of custody ansd settlement service over the next two years, which might “run a mild chill down the spine” of investors.
The last major IT project at Brewin ended with a £34mln write-off being taken in 2014 as the project was abandoned David Nicol when he took over as chief executive.
Brewin shares eased 4% to 320p.