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Broker tips: Hiscox, Aston Martin Lagonda
(Sharecast News) - Analysts at Berenberg slightly raised their target price on insurer Hiscox from 990.0p to 1,015.0p on Thursday, after clarity on Hurricane Ian losses and rising yields lifted shares. Berenberg said Hiscox's third-quarter trading statement, released on Wednesday, was largely in line with its expectations, both in terms of gross premium growth on a group level and losses disclosed from Hurricane Ian at 6.3% year-on-year and $135.0m, respectively.
"The shares were up circa 5.9% on the day, however, which we believe reflects a) market expectations for a larger loss from Ian and b) much higher reinvestment yield of 4.8% (up from 3.4% in Q2), which will undoubtedly result [in] a substantial rise in consensus estimates for FY23-24E - we estimate by as much as 5-10%," said the analysts.
Berenberg adjusted its full-year 2022 earnings estimates on Hiscox to reflect the "slightly-higher-than-previously-anticipated' investment losses.
The German bank, which reiterated its 'hold' rating on the stock, also raised its outer-year 2023 and 2024 estimates by 4.8% and 9.2%, respectively, to reflect "much higher" bond yields.
Analysts at Deutsche Bank lowered their target price on Aston Martin Lagonda from 180.0p to 145.0p on Thursday following the group's recent profit warning.
Deutsche Bank said Aston Martin had reported "disappointing" Q3 results and cut its earnings and volume outlook for 2022.
While DB said, fundamentally, AML's ASP development appeared "strong and supportive", supply chain issues were hurting the company disproportionately.
"With about 400 units impacted from missing interior parts, rising inventory and supply chain cost are hurting the company and although management points to resolving that issue in Q4, the market is struggling to take confidence in that statement," said Deutsche.
The German bank stated it remains "cautious" on the transitoriness expressed by management, particularly following similar issues in Q2 and "continuously stressed" global supply chains.
Although DB cut its forecasts and target price on the shares, it opted to remain at 'hold' on the stock.
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