Hiscox Ltd (LSE:HSX) has had its price target cut by analysts at Canadian bank RBC, who said there were some concerns in the insurer's interms yesterday.
Notably, these were weakening growth momentum in the second quarter and an ambiguous outlook for Retail
“Absent an improvement in growth or ROE [return on equity] in the near term, we think there's potential to weigh sentiment down more heavily.”
“We keep FY24e earnings roughly unchanged with the 1H beat offset by a weaker 2He on lower growth.
“Our FY25e-26e earnings come down by 3% on weaker growth (primarily in Retail).”
'Sector perform' is the rating with a price target of 1,225p, down from 1,275p.
Shares were flat at 1,148p.