BUZZ-UK's Hiscox falls after Jefferies double downgrades to 'underperform'
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Hiscox Ltd’s shares fell 1.6% to 1,371p after Jefferies downgraded the insurer’s stock rating to 'Underperform' from 'Buy', reducing the price target to 1,068p from 1,500p. Jefferies noted that while a retail and cost plan announced in May aims for $200 million in annual efficiency gains by 2028, the company’s growth lags behind peers. Despite this, the average rating from 14 analysts remains a 'Buy' with a median price target of 1,540p. The stock is up approximately 29% year-to-date.
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