MARKET TALK: Jefferies Raises Admiral Group Target Price

19th Jul 2010 07:38

0638 GMT [Dow Jones] Jefferies raises Admiral Group (ADM.LN) target price to 1633p from 1439p "to reflect a lower discount rate." Says press reports suggest that Admiral will begin underwriting household insurance, possibly as early as next year. "While this will take some time to feed into earnings, this is a positive message," says Jefferies. Says the market hasn't grasped that Admiral's potential lies in so much more than simply car insurance. "The same is true for Confused (business), since this can develop into much more of a lifestyle brand than is currently the case," it adds. Has a buy rating. Shares closed at 1410p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 19, 2010 02:38 ET (06:38 GMT)