Up 12% in a month, is the AMP share price finally on the comeback trail?

The AMP Ltd (ASX: AMP) share price has strengthened in recent times and has jumped from lows of 95.5 cents on 30 June to rest at $1.13 apiece on Friday afternoon.

The financial services company is up almost 12% over the past month and also holds a 12% gain this year to date.

In broad market moves, the S&P/ASX 200 Financials Index (ASX: XFJ) has also soared from 52-week lows on 17 June.

Is the AMP share price making a comeback?

Zooming further out, the ASX financial share has fallen almost 78% over the past five years.

Moreover, the AMP share price struggled earlier in the week, following the release of the company’s half-year financial results the week prior.

As a result, analysts at JP Morgan cut their price target on the share to $1.10, a 12% reduction from previous estimates.

This is considered a fair price, according to the broker.

Meanwhile, the share is rated as a sell by three out of seven brokers covering the company, according to Refinitiv Eikon data.

There are also three brokers who rate AMP as a hold, with just one buy recommendation. The consensus price target is $1.04 apiece from this list.

Moreover, ASX financials have also strengthened as a basket and have pushed off yearly lows, as seen in the following chart.

This strength looks to have transposed onto the AMP share price over these past two months, as is seen on the chart.

AMP has gained around 5% over the past 12 months, while the broader ASX 200 Financials Index has lost around 5% over the same timeframe.

The post Up 12% in a month, is the AMP share price finally on the comeback trail? appeared first on The Motley Fool Australia.

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More reading

• Why is the AMP share price having such a lousy start to the week?
• Looking to buy AMP shares? Read this first
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why AMP, OFX, Rio Tinto, and Telstra shares are dropping
• AMP share price slides as $1.1b pledged to investors

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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