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Allianz: Oddo raises target price

( - 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.

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