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JP Morgan downgrades insurers
Markets
by Andrew Zilouf on Jan 30, 2003 at 13:46
JP Morgan has downgraded Aviva, Friends Provident and Legal & General from neutral to underweight.
It has cut fair values prices for Aviva (AV.) by 125p to 400p, Friends Provident (FP.) by 69p to 91p, Legal & General (LGEN) by 45p to 75p, Prudential (PRU) by 180p to 320p, neutral-rated Abbey National (ANL) by 75p to 425p, overweight-rated HBOS (HBOS) by 40p to 775p, underweight-rated Lloyds TSB (LLOY) by 50p to 450p. The last three are banks which own substantial insurance operations.
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- Aviva PLC (AV.)
- Friends Provident PLC (FP.)
- Legal & General Group PLC (LGEN)
- Prudential PLC (PRU)
- (ANL)
- HBOS PLC (HBOS)
- Lloyds TSB Group PLC (LLOY)
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