Swiss Re: share price rises, broker raises target

(CercleFinance.com) - Swiss Re gained more than 1% in Zurich, after RBC announced that it was raising its target price on the stock from CHF 114 to CHF 120, while confirming its opinion of "performance in line with the sector".


In a research note, the analyst praised the reinsurer's focus on the sound execution of its business lines and the improved resilience of its business.

RBC points out that the Swiss group ended the first half of the year with a return on equity (ROE) of 20%, which should enable it to rebuild its reserves.

The intermediary points out that the arrival of new CEO Andreas Berger should also breathe new life into the company, without requiring a major change in strategic direction.

These factors lead RBC to revise its earnings estimates for the group upwards by 5%, hence the increase in its target.

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