Allianz upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Kamran Hossain upgraded Allianz to Overweight from Neutral with a price target of EUR 270, up from EUR 240. The analyst remains positive on European Insurers in spite of continued underperformance over 2023 to date. The firm sees “numerous attractions” including a 7% total capital return, the potential for positive surprise on margins and top-line growth. JPMorgan shifted the stocks on its Analyst Focus List, adding Aviva and Hannover Re and removing Swiss Re and Prudential. It tells investors to focus on capital return as well as reinsurance and restructuring stories.