(News Bulletin 247) – Barclays announced on Tuesday that it has resumed monitoring of Scor shares with a ‘weight online’ recommendation and a target price of 26.3 euros.
In a note dedicated to reinsurance, the analyst said he viewed the big players in the sector “constructively” after the contract renewals at the start of the year, which he said showed solid margin growth, albeit accompanied by a slower premium growth.
“We expect the earnings forecast to continue to be revised upwards, on the back of a lower combined ratio and robust performance in investments,” continues the intermediary.
Regarding Scor, Barclays recognizes that the title is now ‘cheap’, but also believes that it must now ‘pull itself together’.
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