UBS has downgraded shares in Phoenix Group Holdings PLC (LSE:PHNX) saying the "risk-reward" equation is now "balanced".
In a short note to clients, it moved its recommendation to 'neutral' from 'buy' with a target price of 530p, down from 610p.
"Low solvency and high leverage remain risks to investment case," UBS said. "However, [the] payout ratio and falling IFRS equity risks remain overdone."
In morning trading the shares were off 1.3% to 516.5p.