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BUZZ-Hargreaves Lansdown: falls on Bernstein downgrade

Reuters - UK Focus

** Investment platform Hargreaves Lansdown (Frankfurt: DMB.F - news) falls 2.2 pct after Bernstein downgrades to "underperform" from "market-perform"

** Says stock's lofty valuation (30x fwd consensus PE) does not reflect flows - net flows have essentially gone sideways since 2013. In 2016 CY, HL net flow growth negative (v St James's Place that grew net flows strongly)

** Sees (Shanghai: 600481.SS - news) pressure on margins from competition - broker's research says consumers increasingly value price over branding

** Among top ten fallers on Stoxx 600