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Allianz: Oddo reduces target price

( - Mentioning a clear undervaluation with regard to the group's business model, Oddo BHF maintains its "outperform" rating on Allianz shares, while trimming its target price for them from 255 euros to 245 euros, to take into account the new market data.

The broker notes that the stock has continued to underperform this year, which it says is suffering from fears relating to inflation and the impact of rising interest rates on Pimco, which it deems as more than predicted.

However, even though Allianz's solvency margin is expected fall at the end of September, its strong capital and cash flow generation should enable it to resume its share buyback policy, the analyst summarises.

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