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Investing.com - Goldman Sachs has reinstated coverage on Aviva PLC (LON:AV) with a Buy rating and a price target of GBP7.36.
The investment bank notes that while Aviva is trading at the high end of its 20-year PE range, its valuation appears attractive compared to multi-line insurance peers, with Aviva’s approximately 8.5x 2027 estimated PE being the lowest in its peer group.
Goldman Sachs highlights Aviva’s approximately 8.5% 2026 estimated total capital return yield as the highest among multi-line insurers, making it stand out in the sector.
The firm points to several potential catalysts for Aviva, including the company’s planned introduction of new financial targets in November, where Goldman Sachs sees scope for a 2026-28 EPS CAGR target of 8-10% and cumulative cash remittances of approximately £7 billion.
Goldman Sachs also identifies upside risks to Aviva’s DLG expense synergy target and potential for improvement in group solvency through further action on the group’s structure, which could provide 2-4% earnings upside.
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