Allianz Priced Very Attractively - Analyst Blog
We are maintaining our Buy recommendation on
Allianz SE - ADR (
AZ) before third quarter results on November 10. The recent sharp drop in share price has taken the stock to a very attractive level, and at its current valuation is undemanding as the stock trades at a significant discount to its peers. Our target price is $10.00.
The downfall of other large financial institutions could provide Allianz the opportunity to increase market share. Despite difficult market conditions, management still expects underlying operating profitability in to generate a run rate before Banking of EUR 9-plus billion ($11.2 billion) in 2008 and 2009.
Allianz has over 60 million customers and a presence in more than 70 countries. It is the largest insurer in Germany with a market share of 18% of the property and casualty insurance in that country and is a leader in Europe.
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
iStockAnalyst will be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage
whatsoever arising from or arising out of, or in connection with the use of this
information. Please consult your investment advisor before making any investment
decision.
