UBS AG has given Munich Reinsurance Company shares a "Buy" rating, despite reducing its price target from 560 to 540 euros.

Analyst Will Hardcastle mentioned that although the third quarter performance was disappointing, the reinsurer is still in a good position. He has increased his expectations for regular buybacks but no longer expects additional buybacks based on comments from the CFO during an investor meeting.

Munich Re shares on XETRA trading rose by 2.0 percent, reaching EUR 479.50, suggesting a potential upside of 12.62 percent compared to the new target price. The share price has increased by 32.5 percent since the beginning of 2024. The company will release its Q4 2024 balance sheet on February 26, 2025.