Liontrust has delivered impressive flows given challenging market conditions in Q2. AuM declined by a small amount as negative market performance offset £117m net inflows. A flat quarter for AuM prompts us to reduce our year end AuM target and earnings forecasts by 7-9% at EPS level. However, the shares have fallen to an attractive multiple following recent weakness. We return to a BUY recommendation (from HOLD) with a revised 312p 12m Target Price (from 343p) on updated forecasts.
