Legal & General: UBS lowers target price

(CercleFinance.com) - Yesterday, the Legal & General group announced a £200m share buyback for 2024 as part of its plan to increase returns to shareholders.


Following this announcement, UBS confirms its neutral recommendation on the stock, but lowers its price target to 240p (from 258p), which represents only 4% upside potential.

UBS highlights the decline in EPS, with no increase in total shareholder return. The realisation of private assets is essential in the coming transition period, it says.

The group plans to create a single asset management division and revise its capital allocation policy. Improved returns are targeted, with a 6%-9% compound annual growth rate in core earnings.


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