Munich Re: shares rise after Jefferies upgrade

(CercleFinance.com) - Shares in Munich Re are up 3.
2% on Wednesday after Jefferies upgraded its rating from "underperform" to "hold" after the German reinsurance group exceeded its capital expectations in 2019.

Munich Re's capital remains strong relative to peers, Jefferies analysts say in a note.

They also think that Munich Re can dampen volatility in property and casulalty (P&C) earnings with higher reserve releases.

Jefferies has raised its target price for the share from 197 euros to 215 euros.

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