Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - BofA Securities downgraded NN Group NV (AS:NN) (OTC:NNGPF) from Buy to Neutral while slightly raising its price target to EUR65.00 from EUR64.00.
The Dutch insurance company’s shares have surged 49% this year, including an 11% gain in the past month, according to BofA Securities.
Following the price target adjustment, BofA now sees only 10% total return potential for NN Group, compared to the sector average of 8%, prompting the downgrade.
BofA Securities noted that while NN Group’s capital return profile remains appealing, the gap with peers has narrowed and buyback expectations have caught up with the company’s performance.
The firm also indicated limited room for earnings surprises in the near term, despite slightly raising earnings forecasts which contributed to the modest price target increase.
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