Munich Re: Berenberg initiates coverage with 'buy'

(CercleFinance.com) - Berenberg has initiated its coverage of the Munich Re stock with a "buy" rating and a target price of 230 euros, as the broker resumed coverage of the European reinsurance sector.


The broker also began coverage of the Hannover Re and Swiss Re stocks, with "hold" ratings.

"While we expect pricing headwinds are likely to persist in 2018 and beyond, our coverage universe is well equipped to deal with the soft market conditions relative to peers,” Berenberg said in a report sent to clients.

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