Berenberg Ups Gjensidige Price Target, Estimates After 'Strong' Q2 Results

08:32 AM EDT, 07/16/2026 (MT Newswires) -- Berenberg raised its price target for Gjensidige Forsikring (GJF.OL) on the back of slightly higher estimates following "strong" second-quarter results. The insurance company's pretax profit came in at 2.79 billion Norwegian kroner, beating the consensus estimate by 227 million kroner, while revenue grew 9.3% year over year at constant currency, according to a note published Wednesday. "The significant margin improvement echoed positive developments Gjensidige saw in its first quarter. Management did, however, flag the inherent volatile nature of insurance and that, all-in-all, the company had benefited from favourable accident claims trends in H1. Outside of a strong margin development, Gjensidige also reported continued slowing revenue growth momentum in commercial lines, particularly in Denmark," analysts said. "To conclude, while the results were strong, we struggle to find meaningful upside to the shares from here," the analysts said as they raised the price target on the insurance company to 270 kroner from 265 kroner. Berenberg increased its net income and adjusted operating EPS estimates for full-year 2026 by 1.5%. Estimates for the next two years were also marginally increased. The stock's hold rating was retained, with Berenberg saying it still views the valuation as "fair."