Goldman Sachs Starts Athene Holding (ATH) at Buy

Goldman Sachs initiates coverage on Athene Holding (NYSE: ATH) with a Buy rating and a price target of $53.00, calling it an insurance growth story with upside from organic, rates and deals.

Analyst Michael Kovac commented, "We initiate on Athene (ATH) with a Buy rating and 10% upside that we believe will materialize as the firm (1) continues to grow assets organically, (2) earnings expand, and (3) clarity emerges around opportunities for step-function growth from use of the firm’s excess capital and lack of debt (25% of market capitalization) to acquire blocks of business. We believe the market will view Athene as among the best growth stories in insurance, with 25% BV growth over the next two years and EPS reaching $5+ by 2018. Athene’s spread-based business mix and exposure to floating rate securities mean EPS growth from higher rates should materialize faster than at peers."

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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