UK's Liontrust gains; Peel Hunt raises to 'buy'
** Shares of fund manager Liontrust Asset Management LIO.L up 2.93% at 473.50p
** Brokerage Peel Hunt upgrades stock to "buy" from "hold"; cuts PT to 560p from 645p
** Brokerage says the franchise continues to stay competitive and is highly geared to an improvement in the operating environment
** Adds, "although it is currently difficult to gauge when conditions might turn positive, we view the downturn as cyclical"
** Last week, despite tepid H1 results, co initiated a share buyback programme of up to 5 mln pounds ($6.32 mln) and said it targets FY dividend of at least 22p per share
** Five of eight brokerages rate the stock "buy" or higher, and three "hold"; their median PT is 672p - LSEG
** Up to Friday's close, stock had fallen ~24% YTD
Reporting by Joel Jose in Bengaluru
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