Merrill Lynch says Admiral has “superior growth prospects”
Admiral rose 21p to £11.59, after Bank of America Merrill Lynch increased its price target on the insurer, citing its superior growth prospects compared with the rest of the sector, the Times reports.
The Guardian said Admiral was up 25p at £11.63 after Merrill’s buy note raised its price target from £11.50 to £12.
The bank said: “We think the premium is justified by Admiral's superior growth prospects and for the reinsurance agreement a movement to improved terms. We also include a value for the European operations of 41p per share.
