Broker snap: HSBC warming to Aviva

17th Aug 2009 13:13

Insurance giant Aviva was one of the few blue-chips to make headway on Monday morning, thanks to an upgrade from HSBC.HSBC is now neutral on the stock, having previously recommended its clients be underweight in Aviva, following the decision by the insurer to rebuild its capital buffer through a partial listing of its Dutch unit Delta Lloyd and a cut in the dividend.The price target has been raised to 400p from 320p.