Munich Re: Barclays raises target price

(CercleFinance.com) - Barclays confirms its 'overweight' rating on Munich Re shares, raising its target price for them from E428 to E439, anticipating the German reinsurer's announcement of a E2bn share buyback program in February 2024.


"Guidance appears strong, particularly on the reinsurance side where combined ratio is 1.7pp below the low end of consensus, while the L&H Re result is 18% ahead of estimates. This should support FY23 capital return", it explains.


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