Liberum Capital has effectively double-downgraded its recommendation on Hargreaves Lansdown (LON:HL.) by moving straight to 'sell' from 'buy' seeing further downside risk.
Analyst Justin Bates said: "There is no doubting the formidable track record and strength of the HL/ business model.
"However, trading on a PE of 36x, with the prospect of consensus downgrades and significant industry headwinds, we view the risk/reward as unfavourable."
Liberum has a target price of 1,176 pence per share in place.
At 2:33pm: (LON:HL.) Hargreaves Lansdown PLC share price was -78p at 1266p