CNP Assurances: Berenberg downgrades stock
(CercleFinance.com) - On Tuesday Berenberg downgraded its rating on CNP Assurances shares from "buy" to "hold", having reduced its target price for them from 22.
1 euros to 21.9 euros.
In a report, the broker justifies its decision by the fact that the insurer's share price is now approaching the price proposed in the takeover bid launched by La Banque Postale.
Berenberg said it expects investors who tendered their shares to the offer to reinvest their funds in insurers with a similar profile to CNP, such as AXA, Swiss Life and Scor, three stocks on which the broker currently has buy ratings.
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