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Hannover Re: Bank of America upgrades stock

( - Bank of America has upgraded Hannover Re shares to "neutral", raising its target price for them by 4% to 192 euros, explaining that it is becoming more constructive towards it "After rare underperformance YTD".

"Macro volatility and increased investor caution should favour defensive, high quality names like Hannover Re," the broker summarised.

Bank of America believes that the German reinsurer's stock is trading at a deserved premium, but it believes that the 2024 earnings beat is underestimated and that valuation multiples look compelling.

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