Barclays Capital has cut its rating on esure and Hastings Group, while repeating its negative stance on Admiral. The bank now believes the trio of insurers are fully-valued, it said in a note to clients. “While we continue to believe that these companies have significant growth potential, our view is that they will not be able to sustain their current levels of profitability for much longer given the competitive environment facing them,”
Barclays Capital has cut its rating on esure and Hastings Group, while repeating its negative stance on Admiral. The bank now believes the trio of insurers are fully-valued, it said in a note to clients. Since January 2015, esure stocks have returned 89% including dividends.