UK's Hiscox falls after Jefferies double downgrades to 'underperform'
Hiscox Ltd's HSX.L shares fall 1.6% to 1,371p
Jefferies double-downgrades the insurer's stock rating to "Underperform" from "Buy" and trims PT to 1,068p from 1,500p
"The retail and cost plan announced in May improves returns, but the gap to peers closes only in 2028", Jefferies says
Hiscox said in May it expects to generate about $200 million in annual efficiency gains from 2028, as part of a global operations overhaul aimed at cutting costs and scaling up its insurance business, with most of the benefits coming from its retail arm
"So, with past and prospective book value growth lagging peers, the cost of equity needs to better reflect this reality" - Jefferies
Avg rating of 14 analysts covering the stock is a "Buy"; median PT 1,540p, data compiled by LSEG
Stock up ~29% YTD, through Tuesday
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