(CercleFinance.com) – Aviva gains more than 3% in London after Jefferies raised its advice on the stock to ‘buy’ with a price target raised to 480 pence, more favorable prospects in general insurance leading the broker to place 10% above the consensus regarding free cash flow for 2025.
“We expect Aviva to deliver an unrivaled return on capital (12% expected for 2023), supported by the strongest capital surplus and free cash flow among peers,” it said in its note.
“Earnings are expected to begin to shift towards capital-light businesses, which is timely given improving market conditions, and should warrant a premium valuation relative to peers,” continues Jefferies.
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