Citi downgraded Admiral on Tuesday to ‘neutral’ from ‘buy’ as it pointed to 13% expected total return.
Source: Sharecast
The bank increased its 2025/26 earnings per share estimates by 3% to 4%, mainly due to higher investment income, while also introducing 2027 estimates.
Its target price rose to 3,535p from 3,370p as a result.
"The shares have performed very well in 2025 (+30% total return), and with UK motor rates now declining, we see the news flow less positive from here," Citi said.
At 0940 BST, the shares were down 0.5% at 3,288p.
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