Munich Re: Oddo still a seller, but raises TP
(CercleFinance.com) - Oddo BHF reiterates its "reduce" rating on the Munich Re share, due to its relative valuation and believing that other stocks within the sector offer greater upside potential.
However, it has increased its corresponding target price from 240 euros to 255 euros (the share is currently pretty flat at about 242 euros).
The broker has increased its forecasts the day after the group presented its earnings estimates for 2020 and 2021, including net income of 2.8 billion euros in 2021 with, in particular, an improvement in its cost-income ratio in reinsurance.
The timing of the surprise communication of these guidelines was surprising, as the group will hold a CMD on 8 December, when in particular it will present its medium-term profitability outlook (to 2023), the broker says.
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.
However, it has increased its corresponding target price from 240 euros to 255 euros (the share is currently pretty flat at about 242 euros).
The broker has increased its forecasts the day after the group presented its earnings estimates for 2020 and 2021, including net income of 2.8 billion euros in 2021 with, in particular, an improvement in its cost-income ratio in reinsurance.
The timing of the surprise communication of these guidelines was surprising, as the group will hold a CMD on 8 December, when in particular it will present its medium-term profitability outlook (to 2023), the broker says.
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.