SUN - Deutsche Bank rates the stock as Buy
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The market clearly had high expectations, as the broker believes Suncorp's result was better than the sharp share price response might suggest. Both of the Insurance and Banking & Wealth divisions produced very solid results in the broker's view.
The drag was provided by NZ earthquake claims and a loss on the failed takeover of Tower in NZ. On balance the result thus "wasn't great", the broker acknowledges, but on the share price drop the broker is happy to retain Buy and a $14.60 target.
Target price is $14.60.Current Price is $13.57. Difference: $1.03 - (brackets indicate current price is over target). If SUN meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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