Old Mutual is making progress, says Barclays, raising its recommendation on the South African life insurer to overweight and increasing its price target to 87 pence from 70p. Old Mutual has regained lost market share, improved margins and has already met, or is tracking, four of its five targets for 2023, Barclays says. “We estimate that with mid-single-digit earnings growth from a recovered 2021 base, earnings are likely to exceed management’s target of R9.5-9.9bn by 2023,” Barclays analyst Larissa van Deventer says. “Management acknowledges past challenges and seems to have reasonable plans in place to reduce costs and improve client service.” The group’s London-listed shares rise 2.3% to 77p. ([email protected])
Read More: Old Mutual Makes Progress; Barclays Lifts to Overweight — Market Talk