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Investing.com - UBS has upgraded Hannover Rueck SE (HNR1:GR) (OTC:HVRRF) from Neutral to Buy and set a price target of EUR280.00.
The upgrade comes as UBS expects the market to place increased value on earnings resilience among peers, particularly given the direction of the pricing environment in the reinsurance sector.
UBS acknowledges that the softer pricing cycle is accelerating in the industry, but notes this market condition is when Hannover Rueck should "shine" due to its reserve resilience and retrocession protection.
The financial services firm believes Hannover Rueck’s earnings delivery should be less volatile compared to its peers in the current market environment.
UBS also sees "materially lower risk" of earnings per share downgrades for Hannover Rueck, while noting that such downgrades could begin to emerge at larger peers if there is further acceleration in the pricing downturn.
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