AMP (ASX:AMP) shares may outperform despite a pending superannuation class action due to start in late May and broader market uncertainty, according to a Tuesday report by the Australian, citing Citi.
Citi analyst Nigel Pittaway noted that while equity market volatility poses risks of outflows and declining fees, AMP's March quarter flows were generally positive.
AMP has pulled back significantly since its January highs, suggesting a potential value opportunity despite uncertainty around the timing of a recovery, Pittaway added.
Citi upgraded AMP's rating to buy but lowered its price target to AU$1.30.
The article also reported that Goldman Sachs and JP Morgan upgraded AMP to a buy or equivalent rating.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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