(CercleFinance.com) – Oddo BHF reiterates its ‘outperformance’ recommendation on Allianz after its quarterly publication last Friday, with a price target revised very slightly from 260 to 255 euros, to integrate a slightly more cautious valuation on the management of assets (AM).
‘Allianz maintains a very strong balance sheet and a very diversified and resilient business model. It is currently benefiting from strong organic growth in property and casualty insurance and the medium-term outlook in AM remains, in our view, positive.
“The title is currently trading at very low multiples in view of its good fundamentals”, continues the analyst, who also believes that the German insurer should carry out a new share buyback program in 2023.
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