UBS raises direct motor insurer's rating from 'hold' to 'buy'
Shares in Admiral climbed almost 5% today on news that UBS had raised its rating on the direct motor insurer from 'hold' to 'buy'.
UBS said the shares looked good value.
Shares in the company have fallen 25% and under-performed the FTSE 250 index by 24% since the start of April, but UBS said the insurer was well-placed for any upturn in motor insurance rates.
Meanwhile the broker downgraded Kiln to 'neutral' but reiterated its 'buy' rating on Chaucer, raising its price target from 110p to 120p.