On Friday Deutsche Bank downgraded Allianz shares from "buy" to "hold."

In a study devoted to European insurance stocks, the broker explained that it now believes the German group's shares are "better valued" based on their fundamentals.

While noting that the stock has long been its favorite in the sector, Deutsche Bank points out that it is now trading at 12x earnings, which leads it to see more potential elsewhere, particularly in AXA (P/E of 10x) and Aviva (P/E of 9.5x).

At €380, its target price now shows upside potential of just 7%.


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