Sampo Kept at Buy as Berenberg Notes 'Overall Good' Q2 Results; Price Target Up

06:22 AM EDT, 08/13/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Sampo (SAMPO.HE) as analysts noted the company's "overall good" results and "healthy" revenue growth in the second quarter. "While operating EPS came in at EUR0.14, a 4% consensus miss, it was principally driven by a lower-than-expected non-core net financial result. The more important underwriting profit number beat consensus by 2%, driven by both better top-line and margin developments," analysts said Thursday. The property and casualty insurer upgraded its outlook for 2026, now expecting a group underwriting result of between 1.55 billion euros and 1.63 billion euros, from its previous forecast of 1.53 billion euros to 1.63 billion euros. Meanwhile, group insurance revenue guidance is now projected at 9.70 billion euros to 9.85 billion euros, against the prior forecast of between 9.6 billion euros and 9.8 billion euros. As such, Berenberg "slightly" raised its adjusted operating EPS projections for 2026 through 2028, reflecting its higher top-line estimates for Sampo's Nordic and UK segments. Meanwhile, its underlying margin estimates were "broadly unchanged." "The shares remain relatively cheap, in our view, despite the continued strong results delivery and consecutive guidance upgrades," analysts said. The stock's price target was increased to 11.20 euros from 10.90 euros.