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Allianz Buy Rec Reiterated
Allianz Aktiengesell (AZ) 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.
We are maintaining our Buy recommendation on Allianz after its third quarter results. The recent sharp drop in share price has taken the stock to a very attractive level, and our Zacks quantitative model also has a Buy on the stock. Our target price is $11.00.
On our forecast, the stock is trading at 5.3x 2009 EPADR, which is a very attractive valuation. Allianz is one of the oldest and largest insurers in Europe as well as a top insurer worldwide. As such we believe that the company has the reputation and financial strength to withstand any major slow down in the business going forward.
Read the full analyst report on AZ
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| Market Summary | Feb 09, 2010 21:24 pm ET |
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