L&G named a “Conviction Buy” by Goldman Sachs broker
British shares rose for the fourth day in a row on Friday with insurers Aviva up 5.3% and Legal & General up 5.7%, Dow Jones reports.
"We believe Legal & General has been overlooked: in our view, its gearing alone should be enough to see it recover from 14-year lows if the market continues to rise," said Goldman Sachs analysts in a note on the sector.
"L&G is on the Conviction Buy List. As we return to more normal investment conditions, we anticipate far less investment variances. This, we believe, will enable the market to focus on L&G's cash-generating ability," the broker added.
