Aegon upgraded to Buy from Neutral at BofA (earlier)

BofA upgraded Aegon (AEG) to Buy from Neutral with a price target of EUR 7, up from EUR 6.20. Aegon has now built “a strong track record of delivery and stability of earnings” after a material de-risking of the business, the analyst tells investors. Given this and the commitment made at Q3 to return excess cash over time, “most of the ingredients for a re-rating are now present,” the analyst argues.