Aegon: BofA remains Buy, but reduces its target

(CercleFinance.com) - Bank of America reiterates its 'buy' recommendation on Aegon, but lowers its price target by 5% to seven euros, in the wake of a 7% reduction in its earnings expectations for the Dutch insurance company.


Credibility took a hit after the fourth quarter, but fundamentally, little has changed: a cheap restructuring with plenty of yield and macroeconomic upside potential", the broker believes.

BofA expects nearly 40% of Aegon's market capitalization to be redistributed over three years in its base scenario, with several options to do more through in-force management.

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