Allianz: Oddo maintains buy rating after Q1 results
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Allianz shares, maintaining its target price for them at 260 euros, after the German insurer published its Q1 results, with higher-than-expected operating profit.
The broker notes that net income, while down 78% to 561 million euros, would have been around 2.2 billion euros (compared to two billion euros expected), restated for the significant provision on its litigation in the United States.
After provision in Q1, the US litigation should no longer impact the group, which improves visibility on the share. In addition, operational momentum remain sound and Allianz maintains a very solid balance sheet, the analyst adds.
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The broker notes that net income, while down 78% to 561 million euros, would have been around 2.2 billion euros (compared to two billion euros expected), restated for the significant provision on its litigation in the United States.
After provision in Q1, the US litigation should no longer impact the group, which improves visibility on the share. In addition, operational momentum remain sound and Allianz maintains a very solid balance sheet, the analyst adds.
Copyright (c) 2022 CercleFinance.com. All rights reserved.