Last checked at 
(Sharecast News) - Over at Berenberg, analysts lowered their target price on insurer Sabre Insurance from 112.0p to 93.0p on Thursday, stating it was "still cautious" about the group's outlook.
Berenberg said Sabre's 2022 results earlier in March missed expectations on premiums, underwriting profitability, solvency and other income.
The German bank highlighted that the results saw it remain "very cautious" about the firm's outlook given that it has been bleeding customers "very fast" on its core UK motor book, that pricing in motorcycle had fallen behind claims inflation in 2022, and that it expects reserve releases to remain below previously stated guidance.
"We remain materially below consensus for the next two years and continue to believe guidance and analyst estimates are far too optimistic given recent trends," said Berenberg, which reiterated its 'hold' rating on the stock.
"We forecast weaker top-line growth driven by the strong reduction in UK motor policy count in H2 2022, an increase in the 2023 and 2024 by approximately 2ppt up to 90.5% and 85.5% respectively."
Reporting by Iain Gilbert at Sharecast.com
