Barclays Downgrades Allianz to 'Underweight'

Barclays analyst Claudia Gaspari has downgraded Allianz SE to 'Underweight' and lowered the price target from 353 euros to 351 euros. The downgrade comes ahead of a quiet reporting season and upcoming capital market days, with the analyst suggesting that major losses and market fluctuations are not expected to significantly affect current estimates. The recent recovery in the insurance sector is viewed as a result of a 'flight to safety'.