Phoenix Group Holdings PLC (LSE:PHNX) fell 3% after a 'double-downgrade' from Barclays.
The investment banking arm of the high-street lender moved to 'underweight' on stock in the long-term savings and retirement group with a price target of £5 a share.
In a brief note, it said: "Phoenix faces insufficient cash from operations alone to support management's targets, a weaker capital position than peers, and a change in strategy from historical areas of strength to areas where the group is not meaningfully differentiated, in our view. Targets may only be fully evident in 2027."
In afternoon trading the stock was off 16.5p at 492p.