(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion on Allianz with a price target raised from 245 to 250 euros, the day after a publication marked by a solid third quarter operating result and the launch of a program share buyback.

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The research department slightly raises its target on the title of the German insurer ‘to integrate its new forecasts and in particular the strong growth in non-life insurance and the good resistance of profitability in asset management’.

“We still believe that the title is low valued (with a price to EPS ratio expected for 2024 of 7.6 times) in view of its prospects for results and return of capital to shareholders,” adds the analyst.

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