KBC cuts NN to 'hold' as strong rally limits near-term upside

NN

03/08/2026 08:21

** KBC Securities downgrades Dutch insurer and asset manager NN Group NN.AS to "hold" from "accumulate," saying its strong 2026 share-price performance leaves limited near-term upside
** Broker raises its PT to €77 per share from €61, below NN's €81.60 share price
** It points to upgraded estimates, NN Group's Future Ready strategy and greater visibility on shareholder returns as key valuation drivers
** KBC now forecasts FY28 operating capital generation of €2.29 billion, above NN's €2.2 billion target 
** Further upside depends on Future Ready plan delivering its full benefits in FY28 and beyond, KBC says
** Up to the previous session's close, shares were up 24.1%​ YTD
** Out of 16 analysts that cover NN Group NV, 11 rate the stock "strong buy" or "buy,", five rate "hold" and no analysts rate the stock "strong sell" or "sell" - LSEG data

(Reporting by Aleksandra Kret)
((aleksandra.kret@thomsonreuters.com))