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.