Sampo upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs upgraded Sampo to Buy from Neutral with a price target of EUR 10.60, up from EUR 9.70. The stock has underperformed the broader insurance index by 14 percentage points year-to-date and has de-rated vs. the broader market given concerns on lower growth in the Nordics, the UK pricing cycle, and concerns on the introduction of Autonomous Vehicles and AI-led distribution, the analyst tells investors in a research note. Goldman adds however that it believes the share price weakness creates an attractive opportunity for a company that is expected to deliver compounding earnings over the next strategic period with a structurally higher ROE to support a re-rating.
Goldman Sachs upgraded Sampo to Buy from Neutral with a price target of EUR 10.60, up from EUR 9.70.
The stock has underperformed the broader insurance index by 14 percentage points year-to-date and has de-rated vs. the broader market given concerns on lower growth in the Nordics, the UK pricing cycle, and concerns on the introduction of Autonomous Vehicles and AI-led distribution, the analyst tells investors in a research note.
Goldman adds however that it believes the share price weakness creates an attractive opportunity for a company that is expected to deliver compounding earnings over the next strategic period with a structurally higher ROE to support a re-rating.