Deutsche Bank Starts Athene Holding (ATH) at Hold

Deutsche Bank initiated coverage on Athene Holding (NYSE: ATH) with a Hold rating and a price target of $53.

Analyst Yaron Kinar said, "Athene offers differentiated growth with superior mid-teen unlevered returns, earnings sensitivity to rising interest rates and limited B/S liability risk, which are largely priced-in. We believe that top-line growth is achievable but it comes at the price of subpar FCF generation and no capital return to shareholders. The two keys to superior returns - enhanced investment yields and a tax advantage - come at a price too. We point to a highly levered and opaque investment portfolio as well as to regulatory risk and valuation discount assigned to Bermuda-based insurers. All in, this results in a Hold rating but ATH is our preferred pick among Hold rated names in our coverage."

For an analyst ratings summary and ratings history on Athene Holding click here. For more ratings news on Athene Holding click here.

Shares of Athene Holding closed at $47.99 yesterday.

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