Admiral shares drop after JPMorgan downgrades to 'underweight'
JPMorgan said it has a "more cautious view" on motor pricing ahead of changes to the Ogden rate and whiplash reforms
Company
Admiral Group Plc
LON:ADM
Admiral Group began in January 1993 with just one brand, zero customers and 57 members of staff. By June 2008, the Group had nine brands, over 1.5 million vehicles insured and 2500 members of staff. Group turnover, comprising total premiums written, gross other income and allocated investment income, rose 14% to £472.5 million (H1 2007: £417.8 million).
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The German broker, however, raised the target price for Admiral to 1,723p from 1,635p, albeit with the stock trading well above that new level at 1,916p, down 0.2% today
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