RE: Press Comment...5 Mar 2017 15:36
comment on IG's site today:
"Legal & General (full-year earnings 8 March)
Legal & General’s heavy UK focus made Brexit a particularly tumultuous event. However, the shares have recovered since the vote, with the steady performance of the UK housing market helping to reassure investors. Overall, the current valuation of around 14 times earnings does not look excessive, especially given the excellent dividend yield of 6%.
The share price has now pushed above its early January high of 252p, with 259p and then 271p the next targets. However, the rally also looks overstretched, so a pullback is eminently possible. However, so long as the price does not fall below the February low of 231p the uptrend remains in place."