Generali: shares erase gains despite broker upgrade
(CercleFinance.com) - Shares in Italian insurer Generali fell at lunchtime on Wednesday, wiping out earlier gains, despite an upgrade from "hold" to "buy" by German broker Berenberg.
Generali shares are currently down 0.8% after opening the session on a firmer note. They have lost over 24% in the past six months.
In a note to clients, Berenberg said investors should now buy Generali and hold AXA, as (1) Italian government debt spreads are falling, (2) Generali's solvency should improve faster than AXA's, and (3) Generali's debt leverage and cost trends are slower than AXA's.
The broker keeps a target price of 18.5 euros on the shares.
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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.
Generali shares are currently down 0.8% after opening the session on a firmer note. They have lost over 24% in the past six months.
In a note to clients, Berenberg said investors should now buy Generali and hold AXA, as (1) Italian government debt spreads are falling, (2) Generali's solvency should improve faster than AXA's, and (3) Generali's debt leverage and cost trends are slower than AXA's.
The broker keeps a target price of 18.5 euros on the shares.
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.