Broker snap: Brewin Dolphin exceeds expectations

Better than expected full year figures from its sector peer Brewin Dolphin have prompted broker Canaccord Adams to upgrade its 2010 earnings estimates by 4%.'We raise our target price from 180p to 193p, reflecting higher AUM [assets under management] compared with our previous assumptions, partly offset by lower surplus cash,' said Canaccord Adams analyst Katrina Hart.Assets under management by Brewin Dolphin rose to £20.5bn, versus Canaccord's estimate of £19.7bn. 'We believe a modest premium is supported by evidence of real momentum in Brewin's business, over and above market gains. The likelihood of further earnings upgrades should help unlock the 20% potential upside we see in the shares,' Hart concluded.