Financial services group Legal & General is currently undervalued on all valuation metrics, according to Panmure Gordon which kept its 'buy' rating for the stock following a strong first-quarter result.Panmure left its target price at 205p, having recently increased it from 190p.While the stock is trading in line with the sector on 2013 forecasts, analyst Barrie Cornes said: "We believe that the shares are undervalued and that L&G is exceptionally well placed to capture profitable growth in the UK whilst continuing to grow exponentially overseas, particularly the low cost L&G Investment Management (LGIM) model."L&G's worldwide life and pensions sales came in at £553m on an annual premium equivalent basis, up 28% year-on-year and well ahead of Panmure's £506m forecast.Meanwhile, the performance of LGIM was particularly strong internationally with record net flows of £6.7bn. Cash generation also improved and came in ahead of forecasts.The stock was up 2.23% at 174.4p by 11:12 on Thursday.BC