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Allianz: Oddo still a buyer, raises target price

(CercleFinance.com) - Oddo BHF reinstates its "buy" rating on the Allianz share, while raising its target price from 200 euros to 210 euros, in order to integrate a slight decrease in the cost of capital for the German insurer, the day after its interim results.


Allianz's solid H1 net income confirms its solid business model, the analyst said, adding that it retains a solid balance sheet and is trading at low multiples in view of the group's qualities (2021 P/E of 9.5x).

While Allianz has not provided any new operating profit guidance for 2020 (due to uncertainties regarding how the crisis will develop), Oddo says that it forecasts OP of 10.4 billion euros in 2020, followed by 12.4 billion euros in 2021.


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