Allianz: Oddo raises target price
(CercleFinance.com) - Oddo BHF has reiterated its "outperform" rating on Allianz shares, having increased its target price for them from 245 euros to 250 euros, following a publication that was marked by a solid Q3 operating result and the launch of a share buyback program.
The broker has nudged up its target price for the German insurer's stock to incorporate its new forecasts and in particular the strong growth in its P&C insurance and the resilience of profitability in asset management.
In short analysts still believe that the stock is undervalued (with an expected 2024 P/E of 7.6x), in view of its earnings outlook and return of capital to shareholders, the analyst adds.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.