Scor: Berenberg upgrades to buy

(CercleFinance.com) - On Friday Berenberg upgraded on Scor shares from 'hold' to 'buy', with a price target raised from E20 to E24, representing 20% upside potential.


In their morning comments, the analysts justify their upgrade by: (1) the severity of the hurricane season, which is not as bad as expected, (2) a charge of E500m booked in H1, which they consider purely technical in view of the financial statements already published by the US reinsurers, and (3) the prospect of a strengthening of the "buffer" capital during Q3, which has just ended.

This last factor, they explain, should consolidate the group's balance sheet structure and reinforce the scenario of a dividend increase next year.


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