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Investing.com - UBS downgraded NN Group NV (AS:NN) (OTC:NNGPF) from Buy to Neutral while raising its price target to EUR66.30 from EUR63.00, citing the stock’s strong year-to-date performance.
The Dutch insurer’s shares have risen approximately 50% year-to-date, which UBS believes has brought the stock to fair valuation levels after catching up with the broader sector and peers.
UBS noted that NN Group continues to offer one of the most predictable shareholder capital return stories in the European insurance sector, with an all-in yield of 8% that matches its Dutch insurance peers.
The investment bank expects this yield to grow at more than 5% over the next three years, comprising 5% cash dividend growth and small increases in share buybacks.
UBS has also upgraded its fiscal year 2025 share buyback expectation for NN Group to EUR375 million from its previous estimate of EUR350 million, compared to the current annual level of EUR300 million.
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