Allianz: Berenberg sees an opportunity

(CercleFinance.com) - On Friday Berenberg reiterated its Buy recommendation on the Allianz share, with a target price of 232 euros, seeing more of an "opportunity" than a "risk" in the German insurer's stock.


"Allianz and its asset management unit Allianz Global Investors are being sued by a number of US pension funds that invested and lost money in the company's Structured Alpha funds," the analyst said.

"We do not know enough to reliably predict the outcome, but using the experience of a similar set of events for Allianz Life in the US in 2006-10, we believe these lawsuits provide an attractive entry point into the Allianz stock," Berenberg says.

"The main uncertainty is how long these cases will last," the broker says in its report.


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