LONDON, January 21 (newratings.com) - Analysts at Panmure Gordon downgrade Aviva Plc (ticker: AV.-GBX) from "buy" to "hold." The target price has been reduced from 650p to 330p.
In a research note published this morning, the analysts mention that
the company's sales are likely to have declined 7% y/y in 4Q08, impacted by the challenging equity markets and the economic environment. Panmure Gordon expresses its concerns regarding the impact of reduced new business sales and corporate bond defaults on Aviva (LSE:
AV.L -
news) . The investment markets are unlikely to recover during 2009, the analysts add.
© 2009 New Ratings
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
