Scor: Jefferies downgrades 'buy' rating

(CercleFinance.com) - Jefferies has downgraded its “buy” rating on the Scor stock, now adopting a “hold” stance, while maintaining its target price of 38 euros, following the French reinsurer's rejection of a takeover bid by the mutual insurance company Covéa.


"In our view, September 5th will be remembered as SCOR's Independence Day, as management firmly reasserted the importance to the group of remaining global, listed and independent," the broker said.

“Though we agree that Covea is not the ideal acquirer for SCOR, we do recognise the attractions of an all-cash offer,” Jefferies continues, which reiterates its suggestion of a E45-E46 takeout price.



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