UK's Admiral falls after RBC downgrades rating and cuts target price
BUZZ-UK's Admiral falls after RBC downgrades rating and cuts target price ** Shares of British insurer Admiral Group ADML.L down 5.95% at 3,162 pence, top loser on London's FTSE 100 .FTSE
** RBC downgrades rating to 'sector perform' from 'outperform'; cuts PT to 3450 pence from 3560 pence
** Brokerage takes a more cautious view ahead of co's H1 results, in the context of good share price performance and a steady but slow recovery in the British motor insurance sector** RBC takes a more conservative view of current volumes and margins in H1, which has a small knock-on impact on out-year forecasts
** 7 of 13 brokerages rate the stock "buy" or higher, 3 "hold" and 3 "sell" or lower; their median PT is 3,550 pence- LSEG data
** Up to Thursday's close, stock had risen 6.4%, compared with a 4.78% YTD rise in the FTSE
(Reporting by Simone Lobo in Bengaluru)
((Simone.Lobo@thomsonreuters.com, +919920570373))