Goldman Sachs is trying to put its best foot forward, with the Tuesday release of a report on ways to improve its disclosure and business practices, but analysts at a JPMorgan unit in London have lowered their rating on the firm.

In a note on Wednesday, analysts at J.P. Morgan Cazenove reduced their rating on Goldman to neutral from overweight. The determination was driven by valuation, the analysts said, noting that Goldman had hit its target stock price of $175. “Overall, it is difficult to argue against Goldman Sachs business model today and employee talent pool,” they wrote.

Still, the analysts say the regulatory overhaul of the Dodd-Frank Act will have a material effect on Goldman’s earnings.

More broadly, the analysts contend that the Volcker rule, which restricts banks from trading with their own capital, is a material benefit for European banks compared with American banks.

Among United States investment banks, the J.P. Morgan Cazenove analysts say they now prefer Morgan Stanley over Goldman.

Goldman’s report on its business practices, meanwhile, received a positive review from analysts at Bank of America Merrill Lynch.

“We believe new disclosure adds credibility to Goldman Sachs’s assertions that the bulk of revenue comes not from ‘prop’ activity, but from ‘flow’ trading and other higher-multiple, less-capital-intensive business (e.g., investment banking, investment management),” they wrote.