(News Bulletin 247) – Coface recorded one of the largest increases in the SBF 120 index on Tuesday morning on the Paris Stock Exchange following a target increase from Berenberg, who believes that the credit insurance specialist is evolving ‘in a class of its own’.
Around 10:00 a.m., the title of the French group gained around 1.2%, while the SBF 120 yielded around 0.4% at the time.
Berenberg announced this morning that it had raised its target from 16.8 to 17.2 euros, while renewing its buy recommendation.
“We believe that Coface is now the best of the three big credit insurers, which is why the title deserves to be treated on the basis of a premium in terms of valuation,” explains the German bank.
According to Berenberg, the company stands out on a whole range of performance indicators vis-à-vis its rivals Atradius and Allianz Trade, in particular with regard to the combined ratio.
‘This is what leads to think that Coface is in a class apart,’ he concludes in a note.
On the stock market, the Coface share soared by more than 10% on Friday following the publication of first quarter results which showed a very good start to the year. The title has posted a gain of more than 11% since January 1.
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