(CercleFinance.com) – Berenberg announced on Wednesday that it had reduced its advice on the Zurich Insurance stock, from ‘buy’ to ‘hold’ with a price target maintained at 508.9 Swiss francs.
In a research note, the intermediary says it wants to take a ‘pause’ and catch its ‘breath’ while the stock has generated, in dollars, an average annual growth of 17% in terms of total return for shareholders over the five recent years, a performance well above that of its European peers.
The analyst, however, specifies that he is well aware of the fact that the recovery carried out by the American subsidiary Farmers should make it possible to limit the risk profile displayed by Zurich.
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