Direct Line Insurance (LSE:DLG) Group PLC (LSE:DLG) has been hit with a downgrade from analysts at Deutsche Bank (NYSE:DB), who just seem to see the motor insurer as a tad dull
Lowering its view to 'hold' with a price target reduced to 340p from 350p, the bank says catalysts for a further re-rating of the shares 'remain elusive'.
Interim results showed higher-than-expected reserve releases and signs of stabilising motor insurance prices, but while that builds confidence around forecasts, things that will move the shares higher seem at least six or even twelve months away.
There is similar or better value elsewhere in the UK insurance sector, concludes the broker.
Shares were little changed at 306.9p.