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Zurich Insurance: Jefferies upgrades to 'hold,' shares up.

(CercleFinance.com) - Zurich Insurance Group shares are up on Friday, after broker Jefferies & Co upgraded its rating on the stock, citing the insurer's improving solvency.

The US broker raised its rating on the shares from "underperform" to "hold", while raising its target price from 236 Swiss francs to 300 Swiss francs.

"In spite of multiple natural catastrophe events, Zurich has staged a remarkable recovery in its solvency capital position through 2017," the broker said in a report sent to clients.

Jefferies expects this to boost the share price and has therefore raised its dividend forecasts for 2018-2019.

On Friday afternoon, Zurich shares were up 0.4% at 298.8 Swiss francs.

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