Equity research analysts at HSBC have cut their rating on insurance group Standard Life (LON:SL.) to 'hold' from 'buy' in its wider UK life sector note.
The bank said: "Business momentum and IFRS operating margins are holding up well despite investor concerns about the impact of the disappointing performance of GARs over the past year.
"But the valuation gap and growth potential versus UK life and asset gathering peers are insufficient to justify a further re-rating following its outperformance year-to-date."
Nevertheless, HSBC has boosted its target price to 405 pence a share (from 360 pence).
At 1:32pm: (LON:SL.) Standard Life PLC share price was +2.6p at 337.3p