Citi downgrades Admiral to 'sell', shares slide
Admiral Group
2,624.00p
12:40 24/12/24
0.19%
5.00p
Insurer Admiral tanked on Tuesday after Citi downgraded its stance on the shares to ‘sell’, saying that a ‘deep dive’ into industry loss ratio trends had suggested that consensus estimates for the group are currently an outlier.
FTSE 100
8,136.99
12:59 24/12/24
n/a
n/a
FTSE 350
4,491.87
12:54 24/12/24
n/a
n/a
FTSE All-Share
4,449.61
13:14 24/12/24
n/a
n/a
Insurance (non-life)
3,934.09
12:54 24/12/24
-0.01%
-0.47
"We downgrade Admiral to sell and issue a negative catalyst watch as we expect an earnings expectation reset and material downside risk into 1H23E numbers," Citi said.
The bank said it’s 10% below both 1H23 and FY23 consensus earnings per share estimates.
At 0810 BST, the shares were down 5% at 2,208p.