UK's Phoenix Group dips on Peel Hunt downgrade

Standard Life

05/08/2025 09:23

** Insurer Phoenix Group PHNX.L shares down 0.5% to 671p

** Peel Hunt cuts to "hold" from "add" on slow bulk purchase annuity market, weak retail flows in H1 2025

** Raises PT to 630p from 550p, a 6.5% discount to stock's last close

** "We anticipate a bounce back in the second half of 2025 and will be watching for structural changes in the pension sector following proposed government legislation," says brokerage

** On average, stock is rated "hold" by 13 analysts; median PT is 682.5p - data compiled by LSEG

** Up to last day's close, stock had risen ~32% YTD

 (Reporting by Akriti Shah in Bengaluru)

 ((akriti.shah@thomsonreuters.com))