Allianz: Oddo still a buyer, adjusts target price
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Allianz shares after the German insurer's quarterly publication last Friday, while trimming its target price from 260 euros to 255 euros, incorporating a slightly more cautious valuation for its asset management (AM) business.
The broker said that Allianz still has a very strong balance sheet and a highly diversified and resilient business model. It is currently enjoying strong organic growth in non-life insurance and has a medium-term outlook for AM that we believe remains positive.
The stock is currently trading at very low multiples given its good fundamentals, the analyst adds, which also believes that Allianz will conduct a new share buyback program in 2023.
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