Oddo BHF has reiterated its 'outperform' rating on Allianz, with its price target raised slightly from 281 to 286 euros, to 'take into account the favorable operating dynamics of the first quarter, which should continue over the next few quarters'.

The research firm still believes that the German insurer's share price could benefit by the end of the year from a complementary share buyback program of 0.5 billion euros in the second half of the year, excluding external growth operations (M&A).

Allianz could also benefit from strong net inflows at Pimco in the event of a steepening yield curve, as well as from the presentation of its new strategic plan in December, given its favorable outlook.

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