Aegon: BofA still buying, but reduces TP

(CercleFinance.com) - Bank of America reiterates its 'buy' recommendation on Aegon shares, but has reduced its target price for them by 5% to E7, after reducing its earnings expectations for the Dutch insurance company by 7%.


Credibility took a hit after Q4, but fundamentally, little has changed: a cheap restructuring with plenty of yield and macroeconomic upside potential, the broker says.

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


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