Munich Re: Jefferies downgrades stock

(CercleFinance.com) - Jefferies downgrades its recommendation on Munich Re from 'buy' to 'hold', cutting its target price from E495 to E485, a latter TP that the stock has already exceeded (cp: almost E495): according to the broker, it is highly correlated with expectations for the Bavarian reinsurer.


As Munich Re reaches new all-time highs - even after Hurricane Milton - we are reassessing our forecasts and conclude that there is little capacity for consensus expectations to rise, analysts say.


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