Munich Re: shares up after broker upgrade.
(CercleFinance.com) - Shares in German reinsurance group Munich Re are up over 1% today, with Jefferies upgrading the stock to "buy," with a target price of 200 euros.
"With a reserve buffer of more than 6.2 billion euros, leverage below guidance that's poised for upgrades, Munich Re's rating fails to capture its exceptional prudence," the broker said.
"We expect Munich Re to remain a major capital distributor (returning 2.3 billion euros per year) and upgrade to "buy", it added.
The stock is currently up 1.3% at 174.5 euros on Germany's XETRA market.
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"With a reserve buffer of more than 6.2 billion euros, leverage below guidance that's poised for upgrades, Munich Re's rating fails to capture its exceptional prudence," the broker said.
"We expect Munich Re to remain a major capital distributor (returning 2.3 billion euros per year) and upgrade to "buy", it added.
The stock is currently up 1.3% at 174.5 euros on Germany's XETRA market.
Copyright (c) 2017 CercleFinance.com. All rights reserved.