(News Bulletin 247) – Deutsche Bank announced on Tuesday that it has raised its recommendation on NN Group from ‘hold’ to ‘buy’, believing that the Dutch insurer is now approaching an ‘inflection point ‘.
In a research note, the analyst points out that NN’s stock price has underperformed the STOXX Europe 600 Insurance sector index by around 30% over the past 12 months, a phenomenon he explains by the recent change in the group’s capital allocation policy, but also by its exposure to the real estate market.
The intermediary judges, however, that the reality of the company’s activity is much higher than the market’s perception of it and that several favorable catalysts are now looming on the horizon.
With a potential three-year total return (including dividends) estimated at more than 50%, DB is therefore revising its advice on the stock upwards, while maintaining its price target unchanged at 46 euros.
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