Is it time to take profits from Hargreaves after Citi says sell?

Hargreaves Lansdown is topping the list of fallers on the FTSE 100 today after analysts at Citi marked the stock as a 'sell' over RDR fears.

The wealth management giant - which has seen its shares climb over 50% in the last year from 501p to close at 759p on Friday - is leading the blue chip index lower today. Its shares were off 4.5% or 34.5p at 724.5p by 14:08pm, after Citi analysts changed the rating on Hargreaves from 'neutral' to 'sell' and cut the target price from 630p to 620p. Citi estimates profits before tax will take a 6.5% hit year-on-year from Hargreaves' SIPP Loyalty Bonus and lower interest income because of lower rates. In the note it also warned Hargreaves was at risk as it needs to implement a new char...