NN Group: Deutsche Bank upgrades stock

(CercleFinance.com) - On Tuesday Deutsche Bank announced that it has upgraded its rating on NN Group from "hold" to "buy", believing that the Dutch insurer is now approaching an "inflection point".


In its comments, the analyst points out that NN's share price has underperformed the STOXX Europe 600 Insurance sector index by around 30% over the past 12 months, a phenomenon he explains by the recent change in the group's capital allocation policy, but also by its exposure to the property market.

The broker believes, however, that the reality of the company's business is far greater than the market's perception of it, and that several favorable catalysts are now on the horizon.

With a three-year total return potential (including dividends) estimated at over 50%, DB is therefore upgrading the share, while maintaining its target price unchanged at E46.


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