Alm. Brand shares rose 1.4% to DKK 17.39 in the session reported, after Goldman Sachs initiated coverage of the Danish insurer with a Buy rating and a 12-month price target of DKK 19.20. The target implies roughly 15% expected total return.

Goldman projects Alm. Brand's operating earnings per share to grow about 12% annually between 2025 and 2028, exceeding the company's own 10% target, driven by margin improvements and share buybacks.

The bank noted the stock trades at roughly a 10% valuation discount to Nordic peers, at 14x estimated 2027 operating earnings versus a sector average of about 15.5x.