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Lancashire downgraded by Canaccord

04 November 2016 13:51

Canaccord Genuity has lowered its recommendation on Lancashire Holdings (LON:LRE) to 'sell' from 'hold', despite the specialty insurance and reinsurance provider reporting a strong third quarter performance and announcing a big special dividend.

The broker commented: "While we think management is to be encouraged for its on-going underwriting and capital discipline, the very positive reaction to a good Q3 but essentially an unchanged outlook has the left the stock looking expensive to us."

Analysts have upped their price target to 680 pence a share (from 600 pence).

At 1:51pm: (LON:LRE) Lancashire Holdings Ltd share price was -29.75p at 728.25p

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