UBS has downgraded its recommendation on NN Group from 'buy' to 'neutral' despite raising its target price from €63 to €66.3 (cp: €60.8, +0.3%), a new target that leaves only 7% upside potential for the Dutch insurance company's stock.

According to the broker, valuation multiples and yields are no longer attractive compared to the sector and historical performance, despite upward revisions to its OCG (operating cash generation) estimates and share buybacks.