But small earnings headwinds and questions around excess capital return at Aviva prompted a downgrade to 'hold' from 'buy'. Deutsche has also upgraded Direct Line to 'buy' from 'hold' and thinks "we will see evidence the group is being steered on the right path: first, via a dividend reinstatement with FY23 results; second, with margin expansion from above-market pricing; and third, with volume growth in 2024". Price targets for Aviva move from 495p to 485p, for L&G from 290p to 295p, M&G from 230p to 250p and Direct Line Group from 170p to 250p.