Scor: RBC cuts target, but maintains 'outperform' rating

(CercleFinance.com) - RBC announced on Monday that it had lowered its target price for Scor from 39 to 37 euros, while renewing its 'outperform' rating on the stock.


The Canadian broker considers that the reinsurance group's operational turnaround is not as complete as it had hoped, as evidenced by the disappointing results recorded in life and health in Q1, a factor which it believes could continue to weigh on the short term.

The broker notes, however, that the Group's annualised rate of return on equity (ROE) reached 15.5% in the last quarter, supported by its property-casualty business and the good profitability of its investments.

RBC justifies its positive opinion by the stock's low valuation - both in absolute and relative terms.


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