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Zurich Insurance: shares down after Jefferies comments

(CercleFinance.com) - Shares of Zurich Insurance were down in late afternoon trading on Wednesday, after Jefferies wrote that the Swiss-based insurer was going through an "identity crisis.

"We fear that Zurich remains disproportionately weighted towards bank, broker and partnership distribution," the US broker said in a research report.

Jefferies maintains its "hold" rating on the shares, although has nudged up its target price for the share from 300 Swiss francs to 304 Swiss francs.

"We believe that the valuation reflects the earnings outlook and struggle to envisage further multiple expansion," the broker still writes in the report.

The stock is currently down 0.2% at 296.2 Swiss francs, while Zurich's SMI index is up over 1%.

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