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Investing.com - Kepler Cheuvreux upgraded NN Group NV (AS:NN) stock rating from Reduce to Hold on Monday, while raising its price target to EUR61.00 from EUR52.60.
The upgrade comes as the Dutch insurer’s capital position continues to exceed the research firm’s expectations, with Kepler Cheuvreux now projecting the Solvency II ratio to reach 206% by the end of 2025, despite an anticipated 2 percentage point negative impact from normalizing mortgage spreads.
Kepler Cheuvreux expects NN Group to implement a EUR350 million share buyback program in 2026, representing a EUR50 million increase and aligning with market consensus.
The research firm noted that given NN Group’s limited interest in pension buyouts, capital accumulation could exceed expectations in 2026, potentially pushing the Solvency II ratio to 214% by year-end 2026, compared to consensus estimates of 209%.
Kepler Cheuvreux suggested management might consider larger share buyback increases to EUR450 million in 2027 and EUR550 million in 2028, concluding that NN Group now appears fairly valued.
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