UBS AG has reiterated its "buy" rating for Munich Reinsurance Company, with a revised price target of 540 euros, down from 560 euros.

The third quarter performance was disappointing, but the reinsurer is still in a favorable position according to analyst Will Hardcastle. He has adjusted his expectations for regular buybacks upward, but additional buybacks are no longer expected based on comments from the CFO during an investor meeting.

Munich Re shares saw a 2.0 percent increase in trading today, reaching EUR 479.50. This indicates a potential upside of 12.62 percent towards the new target price. The share price has surged by 32.5 percent since the beginning of 2024, reflecting strong market interest. The company's quarterly results are anticipated to be released on February 26, 2025.