Munich Re: stock up on broker comments
(CercleFinance.com) - The Munich Re share is up over 3% in Frankfurt, boosted by Jefferies, which reaffirms its "buy" recommendation, while raising its target price from 235 euros to 275 euros for the Bavarian reinsurer's stock.
"Though 3Q has seen several notable large losses (e.g. Beirut and Hurricane Laura), total losses thus far appear to be broadly in line with our existing forecasts," the broker says.
"Instead, we focus our attention on rising prices, which seem set to rise further in 2021 and prompt us to lift both our earnings (+3%) and price target," it adds.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.