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Munich Re: shares fall after Jefferies downgrade.

(CercleFinance.com) - Shares in Munich Re fell sharply on Tuesday after broker Jefferies downgraded the stock, fearing that consensus estimates have become "too high.

Jefferies has cut its rating on the German reinsurance group from "buy" to "hold," while maintaining a target price of 200 euros, as the share's current price is now close to its target price.

"We believe that the current valuation reflects the value of the business and struggle to envisage further multiple expansion," Jefferies analysts wrote in a report.

In early afternoon trading, Munich Re shares were trading 1% lower at 190.9 euros, underperforming a slightly weaker German DAX index (-0.2%).

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