Swiss Re: shares rise after UBS double upgrade
(CercleFinance.com) - Swiss Re shares are up nearly 5% at lunchtime on Tuesday, helped by UBS' double-notch upgrade for the reinsurer, which thinks risks now look overly discounted.
UBS now has a "buy" rating on the shares, from "sell" previously, with a new target price of 90 Swiss francs, up from 88.50 Swiss francs before.
"We now find risks to reserves and the buy-back discounted," the broker wrote in a note. "The key debate has shifted to dividend sustainability," it added.
After these comments, Swiss Re shares are currently up 4.9% at 73.4 Swiss francs. Note that they have lost 23% over the past month.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
UBS now has a "buy" rating on the shares, from "sell" previously, with a new target price of 90 Swiss francs, up from 88.50 Swiss francs before.
"We now find risks to reserves and the buy-back discounted," the broker wrote in a note. "The key debate has shifted to dividend sustainability," it added.
After these comments, Swiss Re shares are currently up 4.9% at 73.4 Swiss francs. Note that they have lost 23% over the past month.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.