Aviva PLC (LSE:AV.) shares were down 3.5% as the financial services sector was harshest hit in the 160-point sell-off of FTSE 100 stocks prompted by concerns around the financial health of America’s Silicon Valley Bank.
At the same time, the pensions and savings group also found itself on the receiving end of a modest (very modest) downgrade by a leading investment bank.
Barclays Capital shaved its price target for the stock to 545p from 560p while maintaining its ‘equal weight’ recommendation in the wake of the company’s prelims.
“We consider the full-year result to be operationally solid. However, as no targets were changed and most metrics seem to be tracking their targets, our long-term expectations remain largely intact,” Barclays said in a note to clients.
Mid-afternoon, the shares were changing hands for 445p, down 16.8p.
Half of the 18 banks and brokerages logged as following Aviva rate the stock positively. The consensus share price target is 500p.