MARKET TALK: Citigroup Downgrades Ashmore To Hold Vs Buy

15th Jul 2010 07:17

0617 GMT [Dow Jones] Citigroup downgrades Ashmore Group (ASHM.LN) to hold from buy and lowers the price target to 300p from 325p. With slowing fund flow momentum and performance fees driving a fall in FY '11E EPS, Citigroup finds it difficult to see Ashmore building on its premium rating. It thinks significant further upside for Ashmore looks unlikely. However Citigroup notes Ashmore's strong longer-term performance track record and says its well positioned to capture longer-term structural growth in assets under management, due to increasing institutional allocations to emerging markets. Shares Wednesday at 273.9p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 02:17 ET (06:17 GMT)