Allianz downgraded to Hold from Buy at Jefferies

Jefferies downgraded Allianz (ALIZY) to Hold from Buy with a price target of 325 GBp, up from 310 GBp. Allianz’s plan is “ambitious,” an acceleration from the last plan, and “exactly what consensus had been looking for,” says the analyst, who was also “surprised by another change to the capital return policy.” The firm lifts its forecasts, but with consensus and the share price now appreciating the plan, it downgrades its recommendation.