Allianz: Jefferies downgrades to hold
(CercleFinance.com) - Jefferies announced on Friday that it had downgraded its recommendation on Allianz shares from 'buy' to 'hold', citing mainly valuation issues.
In a note, the US broker welcomes the 'ambitious' strategic plan recently unveiled by the German insurer, which aims to accelerate its performance compared with the previous roadmap, in line with market expectations, it stresses.
The broker is also pleasantly surprised by the change in policy regarding shareholder remuneration, with the start of a share buyback program.
These announcements have led Jefferies to raise its earnings forecasts for the insurer and to raise its TP from E310 to E325, but also to downgrade its recommendation insofar as the professional believes that these elements are now well priced in.
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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.
In a note, the US broker welcomes the 'ambitious' strategic plan recently unveiled by the German insurer, which aims to accelerate its performance compared with the previous roadmap, in line with market expectations, it stresses.
The broker is also pleasantly surprised by the change in policy regarding shareholder remuneration, with the start of a share buyback program.
These announcements have led Jefferies to raise its earnings forecasts for the insurer and to raise its TP from E310 to E325, but also to downgrade its recommendation insofar as the professional believes that these elements are now well priced in.
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.