Goldman cuts DWS, AJ Bell to 'sell' on valuation
BUZZ-Goldman cuts DWS, AJ Bell to 'sell' on valuation ** Goldman Sachs downgrades investment companies DWS DWSG.DE and AJ Bell AJBA.L to "sell" from "neutral", citing high valuations
** The broker says AJ Bell trades at a premium while also facing rising competition
** For DWS, Goldman notes the recent re-rating on strong execution, but sees early signs of moderation in core flows
** More broadly, the broker sees an improving market backdrop for the capital markets sector with software risks moderating and retail investment platforms gaining momentum
** Shares of DWS and AJ Bell are up 6.9% and 39.1% year-to-date
** Goldman also cuts its price target for Partners Group to CHF 960 from CHF 1,120
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
DWS Group | Sell | Neutral | € 57.0 | € 65.0 |
AJ Bell | Sell | Neutral | - | - |
Partners Group | Neutral | Neutral | CHF 960 | CHF 1,120 |
(Reporting by Simon Ferdinand Eibach)