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Hiscox downgraded by Credit Suisse

18 July 2017 15:35

Credit Suisse has downgraded its recommendation on specialist insurer Hiscox (LON:HSX) to neutral (from outperform) following the recent strong share price performance and despite upping its target price to 1,305 pence per share (from 1,180 pence).

The broker said: "The recent strong share price performance means our TP indicates 4% downside potential. We thus lower our rating to Neutral.

"We still find Hiscox's business model highly attractive and recognise that the company continues to deliver on growth and earnings but think this is adequately reflected in the valuation."

At 3:35pm: (LON:HSX) Hiscox Ltd share price was -17.5p at 1346.5p

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