Citi’s analysts lift their price target for Australia’s Suncorp Group (ASX:SUN) to A$15.40/share from A$14.90/share.

The company sees a notable 12.6% increase in gross written premium in the second half which bodes well for future periods, according to the brokerage.

Suncorp Group (ASX:SUN) reported an impressive 86.3% rise in fiscal year cash earnings this Wednesday, primarily due to top-line growth across the group.

Citi points out the company’s expanding top-line growth as a prominent feature of its fiscal 2023 result, suggesting the momentum is likely to carry on into fiscal year 2024.

The firm believes that the acceleration in top-line metrics and key margins could expand beyond the first half of fiscal 2024.

Everyone among the 12 analysts covering the stock rates ‘buy’ or higher with a median price target of A$14.95.

This year, the stock has seen a 12.5% increase, as per the last close.

Suncorp Group (ASX:SUN) is a leading financial services conglomerate in Australia providing both insurance and banking services.