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(Sharecast News) - Citi downgraded Legal & General on Monday to 'sell' from 'neutral' on valuation grounds and cut the price target to 245p from 251p as it noted the shares are up 19% year to date.
The bank said it was cutting its 2026-27 remittances by 4.5% following the first-half results. "This reflects lower pension buyout volumes underwritten at a reduced IFRS margin offset by higher operating profit from asset management driven by lower CIR, and an additional 100m per annum from asset optimisation actions," it said.
Citi said its core operating profit forecast continues to be broadly in-line with Visible Alpha consensus in 2026 and 2027.
"Our core operating EPS is expected to grow by 8% YoY compared to the company's communicated 9% outlook," it said.
The bank said it was making no changes to its 2026 dividend per share estimate.
At 0948 BST, the shares were down 1.7% at 311p.
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