It certainly has been another disappointing year for the AMP Ltd (ASX: AMP) share price.
The embattled financial services company's shares have shed 31% of their value in 2021.
This means the AMP share price is now down a bitterly disappointing 80% over the last five years.
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Is the AMP share price finally good value?
According to a recent note out of Citi, there could be value in the AMP share price at the current level.
The note reveals that the broker currently has a neutral (high risk) rating on the company's shares with a price target of $1.25.
So while the broker's rating is only neutral, with the AMP share price trading at $1.08, its price target implies potential upside of almost 16% over the next 12 months.
What did the broker say?
Citi has been pleased with the progress that AMP is making, though it acknowledges that there's still a lot of work to do.
It commented: "While AMP has clearly made some progress in 1H21, there is still a long way to go. There will be no dividend until at least 1H22 and earnings are guided to fall in 2H. However given the 1H beat on higher "investment earnings" we nonetheless lift our FY21E by 3% with little change to later years."
The broker also notes that there's still a large amount of uncertainty regarding the AMP Capital business and demerger, which explains why it is retaining its neutral rating despite its attractive price target on the AMP share price.
Citi explained: "As a new CEO takes the helm, it still remains unclear what shape AMP Capital will be in by the time of its targeted private capital markets demerger with its profit currently on a declining path. Further, while its remediation program is finished and there is progress in advice, there is still a long way to go to put the business on a profitable footing. Given slightly reduced, but still considerable, uncertainty we retain our Neutral/High Risk call and A$1.25 target price."
