JP Morgan has upgraded its price target for Legal & General Group PLC (LSE:LGEN) to 330p from 305p, reflecting its positive assessment of the insurer's future performance.
It has done so ahead of a capital markets event, set to unveil new CEO António Simões' strategy and to spotlight a simplified business approach, growth opportunities, and key financial metrics and targets, including L&G's new capital management policy.
JP Morgan forecasts the initiation of a £150 million per annum buyback programme by L&G, along with the presentation of metrics indicating potential for significant growth in assets, operating profit, and cash flow, surpassing consensus expectations.
In light of these projections, L&G has been placed on Positive Catalyst Watch, by the American investment bank, which reiterated its 'overweight' rating on the stock.
In afternoon trade, the stock was changing hands for 247.9p, up 2.5p.