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Investing.com - Berenberg has reinstated coverage on Danish insurer Tryg A/S (CSE:TRYG) with a Hold rating and a price target of DKK165.00.
The research firm acknowledges Tryg’s evolution over the past five years from a leading position in Denmark to becoming a dominant force across the Nordic non-life insurance market.
Berenberg describes Tryg as a quality operator with high margins and diversified exposure to growth segments, particularly through its Swedish Trygg-Hansa business.
Despite viewing Tryg’s medium-term ambitions as achievable, Berenberg believes the current valuation is full, with pricing likely to soften over the next 12-18 months and regulatory uncertainty affecting the sector.
The firm also notes it does not forecast any near-term catalysts that would justify significant upside for the stock.
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