MARKET TALK: Execution Downgrades Admiral To Hold

14th Jul 2010 08:51

0751 GMT [Dow Jones] Execution Noble downgrades Admiral (ADM.LN) to hold from buy. "We expect EPS growth of 19% in 2011 falling to 13% in 2012 and as such with no upgrades likely in the near term we feel the valuation is now full." It reckons that if and when equity markets stabilize and some of the broader macroeconomic concerns recede, Admiral's significant outperformance relative to the sector may reverse. 1384p fair value. Shares -0.8% at 1465p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 03:51 ET (07:51 GMT)