Goldman Sachs Upgrades Aviva plc (AV) to Buy; Attractive Valuation

Goldman Sachs upgraded Aviva plc (NYSE: AV) from Neutral to Buy.

Goldman analyst said, "We upgrade Aviva on the basis of its attractive valuation, solid capital position, and the potential for cost cuts to boost earnings. Aviva’s underperformance over the past 18 months has been marked, with the shares down 22% versus the SXIP down 5% over the same period. This is despite broadly in-line 2011 results and no reduction in dividends."

Goldman says despite recent reports, they don't see Aviva considering an offer for its U.S. subsidiary, and the company's restructuring doesn't necessarily mean major unit disposal.

For an analyst ratings summary and ratings history on Aviva plc click here. For more ratings news on Aviva plc click here.

Shares of Aviva plc closed at $9.90 yesterday.

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