UBS sees limited upside for Legal & General as bulk annuity market heats up

UBS has raised its price target on Legal & General Group PLC (LSE:LGEN), the FTSE 100 insurance and asset management group, to 260p from 250p, but retained its 'neutral' rating, concluding that the shares are close to fully valued at current levels around 271p. The broker's sum-of-the-parts analysis, based on recent transaction multiples in the bulk purchase annuity (BPA) market, implies a fair value of 280p per share.