Allianz downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Allianz (ALIZY) to Underweight from Equal Weight with an unchanged price target of EUR 325. The firm says the consensus positioning around the large-cap European insurance sector proxies “leaves valuations relatively full at a time when the scope for earnings surprises is running out of steam.” It sees limited upside risk to Allianz’s earnings with “demanding” consensus expectations for sales growth and margin expansion.