UBS has reiterated its "Sell" rating for Swiss Re, but has raised the price target from 101 to 106 francs ahead of the company's third-quarter results.
The analyst, Will Hardcastle, mentioned that the natural catastrophe budgets for the sector were mostly depleted in the third quarter, and the impact of Hurricane Milton is expected to be seen in the fourth quarter results.
However, there are expectations of improvements in tariff statements.
Swiss Re shares were trading at CHF 116.55 as of 12:02 p.m. in SIX SX trading, which is relatively unchanged from the previous day. This price suggests a potential downside of 9.05 percent compared to the new target price.
Swiss Re's share price has increased by 23.3 percent year-to-date, with a total of 78,390 shares traded so far.
The company's quarterly performance for Q3 2024 will be revealed on November 14, 2024, providing investors with further insights.