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.
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