Aviva downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Aviva to Neutral from Overweight with a price target of 550 GBp, down from 575 GBp. The analyst also removed the shares from the firm’s Analyst Focus List. The analyst believes UK life insurance is generating stronger free cash flow than the market may be pricing in, given a conservative profit emergence under IFRS17.