Broker tips: Beazley, Amaroq Minerals
By Iain Gilbert
Date: Thursday 14 Aug 2025
(Sharecast News) - RBC Capital Markets cut its price target on Beazley on Thursday to 1,000p from 1,125p on lower forecasts, following the company's first-half results a day earlier.
"The impact of 2% more caution on the combined ratio and 2% lower annual top-line growth gives low teen underlying cuts to outyear earnings, reflecting the high operational gearing as competition increases and margins normalise," RBC said. "M&A could underpin organic growth that is becoming harder to achieve, potentially at a marginal cost to tangible NAV.
The Canadian bank also said strong starting solvency underpinned its unchanged view of Beazley's $500m annual buybacks for total capital return of 11% on a 12-month view, which should provide "good support" to the stock.
RBC Capital, whi kept its 'outperform' rating on the stock said its price target was being reduced with lower forecasts, equating to 1.65x book for 17.5% average adjusted return on equity.
Analysts at Canaccord Genuity lowered their target price on Amaroq Minerals after the mining and exploration company cut its guidance for 2025 to 5,000 ounces.
Canaccord Genuity, which maintained its 'speculative buy' rating on the stock, noted that Amaroq had reported "a modestly weak" set of first-half profit and loss figures relative to CGe, albeit with a mid-year balance sheet that was relatively in line with forecasts.
However, Canaccord said Amaroq's decision to bring forward its Phase 2 growth investment at the Nalunaq processing plant to the third or fourth quarter of this year has "its own pros and cons".
"On the negative side, AMRQ has reduced its near-term 2025 production guidance to 5k oz," said the Canadian bank. "On the positive side, the expansion should now be complete ahead of winter and leave AMRQ to commission the full plant by year-end, with a full year of production expected in 2026."
As a result, Canaccord Genuity cut its 2025 production estimates by 55% to 5,000 ounces, while 2026 was revised down by 14% to 36,000 oz, with a follow-on negative impact to financial forecasts for both years.
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