(News Bulletin 247) – Berenberg announced on Tuesday morning that it had raised its price target on Coface from 16.8 to 17.2 euros, while renewing its buy recommendation on the stock.
“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 main rivals Atradius and Allianz Trade, particularly with regard to the combined ratio.
‘This is what leads to think that Coface is in a class apart,’ he concludes in a note.
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