MARKET TALK: Citigroup Upgrades Amlin To Buy

2nd Jul 2010 07:31

0631 GMT [Dow Jones] Citigroup upgrades Amlin (AML.LN) to buy from hold, and raises its target price to 470p from 420p. Says shares have been treading water of late, and while this represents a strong performance relative to the broader market, "it fails to capture the group's strategic progress and continued value creation." Adds with a strong capital position and virtually all assets held in cash and short-dated high quality bonds, Amlin shares are intrinsically low beta. "While they might underperform any relief-led macro rally, the company's entrenched focus on return on equity should ensure solid share performance," adds Citigroup. Shares closed at 381p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 02, 2010 02:31 ET (06:31 GMT)