RBC Capital lifts price target on Admiral, reiterates ‘outperform’.
RBC Capital Markets lifted its price target on Admiral on Wednesday to 3,550p from 3,400p and reiterated its ‘outperform’ rating.
Admiral Group
21 August 2024 09:36:37
Source: Sharecast
It said Admiral is consolidating its market leadership in the UK motor space.
"While the outlook for pricing remains uncertain, a step-up in expense leverage should provide more flexibility to grow while keeping margins at healthy levels," RBC said.
"An improving trajectory outside UK motor adds to the group's earnings momentum, and we forecast a 19% earnings compound annual growth rate over 2024-26e. Increasing our estimates by circa 5% across forecast periods, and PT to 3,550p."
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