Admiral Group (LON: ADM) shares rose Monday after Morgan Stanley turned more positive on the insurer, which led the FTSE 100 early in the session.
The stock gained 1.3% to 3,866p, having earlier touched 3,904p to top the blue-chip index in the opening part of the session before easing back through the day. The shares are up about 20% so far this year and 13% over the past 12 months.
Morgan Stanley analyst Daniel Wilson-Omordia upgraded Admiral to overweight from equal weight and raised his price target to 4,450p from 3,575p.
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The analyst pointed to an acceleration in UK motor pricing, arguing that Admiral is now raising rates materially ahead of claims inflation. The analyst also said the first booking for the 2026 underwriting year suggests the deterioration in written margins has passed its worst.
The upgrade extends a run of shifting broker views on the stock. In late July, Citi lifted Admiral to buy from neutral, raising its target to 4,243p from 3,277p, citing scope for upside to consensus estimates from the company’s real rate increases.
More recently, the shares’ strong run has prompted some caution. In late August, Berenberg downgraded Admiral to hold from buy, keeping its 4,200p target and citing valuation after the rally.
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