MARKET TALK: Royal Bank of Scotland Cuts Rathbone Price Target

29th Jul 2010 12:39

1139 GMT [Dow Jones] Royal Bank of Scotland cuts Rathbone Brothers (RAT.LN) price target to 954p from 995p. Regards the stock's current valuation as fair but sees more value elsewhere in the asset management/discretionary investment sector. Specifically, likes Henderson Group (HGI.LN) and Aberdeen Asset Management (ADN.LN), both rated at buy. Meanwhile, says 1H '10 underlying pretax profit and the interim dividend are in line with RBS's expectations. But reported pretax profit is slightly below forecast, due to higher than expected amortization charges. Keeps at hold. Shares are +0.2% at 827p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 29, 2010 07:39 ET (11:39 GMT)