UPDATE: Bank of America Downgrades Aviva to Underperform on Dilutive Restructuring
Bank of America lowered its rating on Aviva (NYSE: AV) 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.
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