RSA: UBS Says It’s Time to Sell

After a 40%+ performance over 12 months, UBS, which had a Neutral stance on RSA Insurance Group, has downgraded its rating to Sell, with a TP of 519p. Broker considers « restructuring enters a later phase » and sees « greater challenges in 2017 around the pace of the UK turnaround in particular, which could limit further upside ». Investors also should not consider a special dividend before 2018. Finally, the stock could be affected by « sub-sector rotation into more reflationary geared stocks ».

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