Talanx

Talanx reported a record half-year with a net profit of €1.37bn, gross premiums of €24.2bn and a solvency ratio within the target range. Goldman Sachs added the stock to its European conviction list and highlighted the growth potential of the international retail business, while BNP Paribas downgraded the share from "Outperform" to "Neutral" after an approximately 23% rally (target €120). InvestingPro’s fair value of €110.98 is roughly 8% below the share price, and all three valuation models indicate a slight overvaluation. Operational momentum remains intact, but after the rally much of the positive expectations are already priced in; the next key dates are the index rebalancing on 18 September and the nine-month results on 12 November. » More on de.investing.com

BNP Paribas has cut its rating for Talanx from "Outperform" to "Neutral" and set a price target of €120, after the stock had risen 23% since the last upgrade. The broker reduced EPS forecasts for 2026 by 4% and for 2027 by 3%, citing a slowdown in pricing, rising loss ratios in reinsurance, and stagnant or negative revenues in the commercial business. Talanx is valued for 2026 at a P/E of 11.5 and a price-to-tangible-net-asset-value of 2.54. » More on de.investing.com

Berenberg increases the target price for Talanx from €158 to €163 and keeps the rating at "Buy". Analyst Michael Huttner raised his earnings estimates for 2026 and 2027 after the half‑year results. He expects Talanx to lift its outlook again with the third‑quarter figures. » More on finanzen.net