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.
Admiral Group
29 April 2024 17:21:15
Source: Sharecast
"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.
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