What do brokers tip for AMP shares over the next 12 months?

AMP Ltd (ASX: AMP) shares are down around 1% to $2.44 a piece at the time of writing.

The shares have now slid around 8% from a multi-year high of $2.66 late last month, but they're still up 33% for the year-to-date and 36% higher than 12 months ago.

AMP shares rallied higher pretty consistently between March and September thanks to a rebound in investor sentiment. The company has managed to execute an operational turnaround this year, which means it has been able to improve its earnings and return some capital to shareholders.

The company has posted strong financial results, too. Over the course of the year, its assets under management (AUM) have climbed, its wealth business has improved, it has boosted its interim dividend, and it has also completed a series of share buybacks.

Last week, AMP provided investors with its third-quarter FY26 cash flow and business update. It confirmed that platforms net cash flows has increased 20% compared to the same quarter last year, superannuation and investment net cash outflows has improved year-on-year, and total AUM has now reached $168 billion across its Australian and New Zealand wealth business. 

The update follows the company's first half FY26 results announcement in August. At the time, AMP announced a 33% increase in underlying NPAT for the first half of FY26, and an 8.2% year-on-year increase in AUM to $167.6 billion. Management credited its AUM growth to momentum in AMP's wealth and retirement businesses.

Why are AMP shares sliding lower?

There isn't any price sensitive news out of the company recently which would explain the latest selloff. 

It's most likely a result of profit-taking investors selling up their shares after the late-September spike. 

AMP also traded ex-dividend in late-August. It's common for a share price to decline following a dividend payment because new investors aren't eligible for the payout.

Some broad economic headwinds, including September's interest rate hike and higher inflation figures has also weighed down the ASX financial sector as a whole over the past month.

Can the shares surpass the multi-year high we saw last month?

It's possible.

TradingView data shows that the majority (six out of nine) of analysts have a buy/strong buy rating on AMP shares.

The average $2.65 target price implies an upside of around 9%, at the time of writing. That's just one cent shy from the $2.66 high that AMP shares reached in late-September.

But some are even more bullish that the financial services company's shares could storm even higher.

The maximum $2.92 target price implies a 20% increase over the next 12 months, at the time of writing. The ASX stock last traded at around the $3 level back in October-2018.

The post What do brokers tip for AMP shares over the next 12 months? appeared first on The Motley Fool Australia.

Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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