UPDATE: Bank of America Downgrades Aviva to Underperform on Dilutive Restructuring

Bank of America lowered its rating on Aviva

from Neutral to Underperform. Bank of America noted, "Aviva shares have run well on the back of comforting macro newsflow and hopes that restructuring efforts will bring a long period of share price underperformance to an end. The stock has risen by more than 30% since the low in July this year, outperforming the European market by more than 20% and the insurance sector by close to 10%. … These are not demanding multiples, but we do not see scope for a significant further re-rating, particularly given potentially dilutive restructuring efforts ahead." Aviva closed at $11.68 on Monday.