UPDATE: JPMorgan Resumes Athene Holding (ATH) at Overweight
- Futures muted after S&P 500, Dow hit record closing highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Dollar heads for second week of losses as yields decline
- Morgan Stanley (MS) Tops Q1 EPS by 52c
- Apple (AAPL) May Scrap iPhone Mini Next Year, New Lineup to Focus on Camera Quality, Says Top Analyst
JPMorgan analyst Jimmy Bhullar resumes coverage on Athene Holding (NYSE: ATH) with a Overweight rating and a price target of $57.00.
The analyst comments "Our Overweight rating reflects ATH’s tax advantage, strong capital position, multi-pronged distribution and product offering, and superior EPS and BV growth. Upgrades from rating agencies are a potential positive as well. Furthermore, ATH is less susceptible than peers to potentially higher corporate taxes and upcoming accounting changes. While concerns about ATH’s ownership structure and credit risk are valid, they are better reflected in valuation. The stock has gone from trading at a valuation premium to the life sector to an increasingly greater discount in recent years. Barring a downturn in the credit market, we feel that ATH offers the best upside potential in the life insurance sector."
Shares of Athene Holding closed at $46.79 yesterday.
You May Also Be Interested In
- UPDATE: JPMorgan Assumes Kinsale Capital (KNSL) at Neutral
- UPDATE: Bed Bath & Beyond (BBBY) PT Lowered to $24 at Loop Capital
- Otsuka Corporation (4768:JP) (OSUKF) PT Raised to JPY5,400 at CLSA
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!