UK's Hiscox drops as Peel Hunt cuts rating to 'add'
BUZZ-UK's Hiscox drops as Peel Hunt cuts rating to 'add' ** Shares of British insurer Hiscox HSX.L are down 2.1% at 1,766p
** Peel Hunt downgrades the stock's rating to "add" from "buy", says that as wholesale earnings decline, they will likely be offset by retail profits, delivering sustainable returns and a buildout of excess capital
** Brokerage still raises PT to 1,960p from 1,790p, representing an 8.6% upside to the stock's last close
** Brokerage says the shares have had a strong performance, driven by healthy cash flows from the wholesale business, together with accelerating premium growth and better margins in retail
** Average rating of thirteen analysts is "buy"; with a median PT of 1,800p - data compiled by LSEG
** Up to last close, stock is up ~27% YTD
(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com ; X, formerly Twitter: @AkritiShahh))