UK's Phoenix Group falls as JPM raises concerns about long-term prospects
22/09/2023 09:39
** Shares of British life insurer Phoenix Group PHNX.L
down 2.4% to 523.2p - top loser on FTSE 100 index .FTSE
** Brokerage JP Morgan cuts target price to 500p from 655p;
downgrades to "underweight" rating from "neutral"
** "We simply feel that the stock has too much debt leverage
relative to peers, which creates numerous capital and growth
risks in the long term" - JPM
** Co acquires stake in the holding company of Hambro Perks,
on behalf of its WithProfits Fund
** Co acquired 5% stake in Hambro Perks, according to FT
** Stock down ~14% this year, as of last close
(Reporting by Zainab Saifuddin Saifee in Bengaluru)
((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))