Allianz Aktiengesell (AZ) has over 75 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 the first quarter results. The recent sharp drop in its share price has taken the stock to a very attractive level.
On our forecast, the stock is trading at 5.7x 2009 EPADR. As such, we maintain our BUY rating and our target price is $12.00.
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| Market Summary | Feb 09, 2010 22:39 pm ET |

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