Citi downgrades Admiral to 'sell', shares slide
Admiral Group
2,539.00p
16:00 05/11/24
-0.55%
-14.00p
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
8,178.60
16:00 05/11/24
n/a
n/a
FTSE 350
4,508.70
16:00 05/11/24
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FTSE All-Share
4,466.00
16:00 05/11/24
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Insurance (non-life)
3,572.27
15:49 05/11/24
0.38%
13.69
"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.