Allianz: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Allianz shares, raising its target price from E288 to E324.
With the company due to publish its quarterly net income (NI) on 13 November, Oddo BHF anticipates a marked rise in NI (vs. a favourable comparison basis) to E2,399m (+18.7%) and a core adjusted NI (which serves as the basis for determining the dividend) of E2,417m (+17.3%) marginally above consensus (E2,394m and E2,435m respectively).
We forecast a solvency margin of 207% at the end of September (vs. consensus of 208%), up 1 point on the end of June, the analyst adds.
Oddo BHF believes that Allianz continues to benefit from significant rate increases in personal lines property & casualty, and that Pimco should eventually benefit from an acceleration in its net inflows as the yield curve in the US "steepens".
Pimco will present its new strategic plan on 10 December, the broker concludes.
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
With the company due to publish its quarterly net income (NI) on 13 November, Oddo BHF anticipates a marked rise in NI (vs. a favourable comparison basis) to E2,399m (+18.7%) and a core adjusted NI (which serves as the basis for determining the dividend) of E2,417m (+17.3%) marginally above consensus (E2,394m and E2,435m respectively).
We forecast a solvency margin of 207% at the end of September (vs. consensus of 208%), up 1 point on the end of June, the analyst adds.
Oddo BHF believes that Allianz continues to benefit from significant rate increases in personal lines property & casualty, and that Pimco should eventually benefit from an acceleration in its net inflows as the yield curve in the US "steepens".
Pimco will present its new strategic plan on 10 December, the broker concludes.
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.