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KBC Group: shares rise 2% on broker upgrade

(CercleFinance.com) - Shares of KBC Group rose as much as 2% on Thursday after Berenberg upgraded the stock from "hold" to "buy," citing the financial group's resilience.

In a note to clients, the German broker explored why KBC's earnings are expected outperform its peers and why its business model is well-placed to cope with lower-for-longer interest rates.

Berenberg has also raised its target price for the stock from 68 euros to 72 euros.

The Belgian bank's shares were trading up about 1.9% at 59.7 euros in late morning trading on Euronext Brussels.

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