What does the future look like for the AMP (ASX:AMP) share price?

It has been another disappointing year for AMP's shares…

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The AMP Ltd (ASX: AMP) share price has been a very disappointing performer in 2021.

Since the start of the year, the embattled financial services company's shares have lost 31% of their value.

This means the AMP share price is now down 80% over the last five years.

In light of this poor share price performance, the company's transformation plans, and the appointment of a new CEO, I thought I would look to see what analysts are saying about it shares and whether there is a buying opportunity here.

Where next for the AMP share price?

Unfortunately, I'm not aware of a single broker that is recommending the AMP share price as a buy at the current level.

Though, it is worth noting that a couple of brokers have neutral ratings and price targets on its shares that are notably higher than where they trade today.

For example, according to a note out of Citi from last month, its analysts have a neutral rating and $1.25 price target on its shares.

Based on the current AMP share price, this implies potential upside of almost 15% over the next 12 months. Not bad for a neutral rating.

What did the broker say?

Citi notes that AMP is making progress but acknowledges that there's still a long way to go for the company.

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."

"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," it added.

Finally, the team at Ord Minnett currently have a hold rating and $1.20 price target. Based on the current AMP share price, this implies potential upside of 10%.

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Motley Fool contributor James Mickleboro 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 Bruce Jackson.

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