Latest News

Citi double upgrades Admiral to ‘buy’


Citi double upgrades Admiral to ‘buy’ By Sharecast

Breaking News


Stock Markets

Published Nov 21, 2023 11:03
Updated Nov 21, 2023 11:11

Citi double upgrades Admiral to ‘buy’

Sharecast – “We are now buy-rated on the UK motor sub-sector as pricing and Ogden tailwinds put us circa 17% ahead of Admiral FY24E consensus earnings per share whilst we are circa 7% ahead of Direct Line (LON:DLGD)’s FY25E consensus OPBT due to continued motor margin recover to a NIM of 11%,” it said.

Citi (NYSE:C) said its own motor claims inflation index points to material improvements since 1H23 as it sees claims inflation at only 5.5% in October following material decelerations in damage related repair costs and improvements in repair cycle times.

“This points to a much better starting point for claims inflation in 2024E compared to +12.7% we estimated in December 2022 and is ultimately positive for 2024 margins,” it said.

Citi hiked its price target on Admiral (LON:ADML) to 2,941p from 2,057p.

At 1100 GMT, Admiral shares were up 3% at 2,699.68p and Direct Line was 2.6% higher at 189.25p.


Citi double upgrades Admiral to ‘buy’

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Fed minutes ahead, Nvidia to report, OpenAI turmoil – what’s moving markets

Previous article

Tim Cook reveals there are several people lined up to one day take on the top Apple job as he talks ‘very detailed’ succession plan with Dua Lipa

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News