Hannover Re: Jefferies upgrades share
(CercleFinance.com) - Jefferies has upgraded its rating on the Hannover Re share from "hold" to "buy," having raised its corresponding target price from 137 euros to 165 euros, stressing that it is the group that "is the fastest-growing European reinsurer, with the lowest risk profile".
"We take the opportunity created by management's decision to establish a typically prudent COVID-19 reserve (E608.5m) to upgrade Hannover Re to Buy from Hold, with a target FY2021F P/E of 15x (from 13x)," analysts said.
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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.
"We take the opportunity created by management's decision to establish a typically prudent COVID-19 reserve (E608.5m) to upgrade Hannover Re to Buy from Hold, with a target FY2021F P/E of 15x (from 13x)," analysts said.
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.