9 July 2026 | 4:00AM BST Equity Research Admiral Group (ADML.L) Pricing inflecting higher near-term with diversification over medium term; upgrade to Neutral ADML.L 12m Price Target: 3,860p Price: 3,650p Upside: 5.8% Admiral shares have been volatile YTD, driven by debates over 1) pricing in the UK motor market and 2) Autonomous Vehicles (AV) and AI distribution. We now see the UK motor pricing cycle turning and have greater comfort around the AV/AI-related tail-risks; we therefore upgrade Admiral to Neutra ...