(News Bulletin 247) – Bank of America raises its position on Hannover Re to ‘neutral’ with a price target raised by 4% to 192 euros, explaining that it is becoming more constructive on the issue ‘after a rare underperformance since the start of the year’.
‘Macroeconomic volatility and heightened investor caution should favor high-quality defensive stocks such as Hannover Re’, the broker said in its note summary.
Bank of America sees the German reinsurer’s stock trading at a deserved premium, but it thinks the uptick in 2024 earnings is understated and valuation multiples look compelling.
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