---
title: "Aviva Rated Hold as Fair Valuation and Strong 9% Yield Balance Execution Risks; Price Target Raised to 637p"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285041334.md"
description: "Derald Goh from Jefferies has downgraded Aviva plc to a Hold rating with a price target of 637p. He believes the shares are fairly valued after a recent pull-back, with modest upside potential. The stock offers a strong yield of about 9%, supported by good solvency and moderate leverage. However, Goh notes execution risks in U.K. non-life insurance and competitive pressures in the pension risk transfer sector, which contribute to his neutral stance."
datetime: "2026-05-04T07:45:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285041334.md)
  - [en](https://longbridge.com/en/news/285041334.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285041334.md)
---

# Aviva Rated Hold as Fair Valuation and Strong 9% Yield Balance Execution Risks; Price Target Raised to 637p

In a report released yesterday, Derald Goh from Jefferies downgraded Aviva plc to a Hold, with a price target of p637.00.

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Derald Goh has given his Hold rating due to a combination of factors related to Aviva’s current valuation and earnings outlook. He views the shares as fairly priced after the recent pull-back, with management’s guidance through FY28 largely reflected in market expectations and only modest upside implied by his revised 637p price target.

At the same time, he highlights that downside is cushioned by an attractive all-in yield of about 9% a year, supported by strong solvency and moderate leverage. However, he also flags execution risks in U.K. non-life, particularly around integrating Direct Line, as well as competitive and regulatory pressures in the pension risk transfer business, which together justify a more neutral, Hold stance.

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