BT Investment shares hit by broker downgrade

A file photo of Australia’s Adam Vella at 18th Commonwealth Games in 2006 in Melbourne. Robert Cianflone/Getty Images

Shares in BT Investment Management fell after a broker downgrade.

A short time ago, shares in the asset manager were down 6% to $10.41.

Credit Suisse downgraded BT Investment to Underperform from Neutral.

“With BTT’s share price now above our target price ($10.10), its valuation (is) somewhat stretched,” says Credit Suisse.

The shares were at a 60% premium to UK peers and 25% to Australian peers.

“We do, however, remain supportive of BTT’s growth strategy where they continue to deliver above peer earnings growth and attract very strong fund flows,” Credit Suisse write in a note to clients.

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