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Barclays (LON:BARC) upgraded Zurich Insurance Group AG (ZURN:SW) (OTC:ZURVY) from Equalweight to Overweight on Thursday, while raising its price target to CHF255.00 from CHF212.00.
The upgrade reflects Barclays’ view that the timing of potential catalysts for the Swiss insurer has become more appealing. The firm described Zurich Insurance as "an attractive asset, with a sensible management team and a conservative balance sheet."
Barclays had previously downgraded Zurich Insurance in August 2024 due to uncertainties related to the opening of Noida and regulatory concerns. The firm indicated its favorable stance on the company has remained consistent, with its stock rating primarily influenced by these two key factors.
While Barclays acknowledges continued uncertainty regarding Noida, it expects this uncertainty to be resolved in the near future. The firm anticipates airport charges and the start-up of operations will likely occur before the end of 2025.
The firm noted that regulatory clarity, which it views favorably, was previously not expected until early 2026, contributing to the timing-based upgrade decision.
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