Hannover Re: UBS downgrades stock
(CercleFinance.com) - UBS has downgraded its Hannover Re shares from "neutral" to "sell", while increasing its target price for them from 161 euros to 182 euros, with its new target price close to the share's current price, with the broker mentioning a volatility overhang of the that has probably been ignored.
In its summary, analysts point out that their downgrade, considering the outperformance of the German reinsurer's stock, leaves it trading at double its historical premium in terms of P/E relative to the sector.
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