The Munich insurance group wants to buy back shares worth one billion euros.
(Photo: dpa)
Frankfurt The shares of the Munich insurance giant Allianz have risen sharply in recent weeks. Within a month, the price of the paper climbed by a fifth and again exceeded the 200 euro mark. If you believe Berenberg analyst Michael Huttner, that doesn’t have to be the end.
After the Dax group had announced solid quarterly figures and new share buybacks, Huttner increased its price target from 267 euros to 271 euros. For him, the share is still “strongly undervalued” and therefore a buy.
One reason for the low rating is the scandal surrounding failed hedge fund strategies at subsidiary AGI in the USA. In October, Huttner therefore only described Allianz as his “second favorite” share compared to the competition. Not least because of this, it can be worthwhile for investors to also look at the European rivals Axa and Zurich.
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