Munich Re: Jefferies downgrades stock
(CercleFinance.com) - Jefferies has downgraded its rating on the Munich Re stock from "buy" to "hold," despite raising its target price from 205 euros to 212 euros; "After a remarkable rally year to date, we struggle to find additional upside in Munich Re's valuation".
"Although guidance for >8% earnings growth in 2019F and >12% in 2020F remains attractive, consensus expectations may be higher," the broker says, which is downgrading its rating on the share "reluctantly".
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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.
"Although guidance for >8% earnings growth in 2019F and >12% in 2020F remains attractive, consensus expectations may be higher," the broker says, which is downgrading its rating on the share "reluctantly".
Copyright (c) 2019 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.