UBS has downgraded Munich Re from "buy" to "neutral," while raising its target price from 540 to 555 euros. Analyst Will Hardcastle cited appropriate valuation and price risks in the upcoming renewals, noting that the 2025 profit target, despite being above expectations, is unlikely to lead to increased shareholder distributions.
UBS has downgraded its recommendation for Munich Re from "buy" to "neutral," while raising the price target from €540 to €555. Analyst Will Hardcastle cited reasonable valuation and price risks in the upcoming renewal cycle, noting that the higher-than-expected earnings target for 2025 is unlikely to result in increased dividends for shareholders.
UBS has raised its target price for Munich Re shares from 540 to 555 euros but downgraded the stock from "buy" to "neutral." Analyst Will Hardcastle cited appropriate valuation and price risks in the upcoming renewals, noting that the 2025 profit target is unlikely to lead to increased shareholder distributions.
Christian Schüpbach has been appointed to the management board of Banque Cantonale Bernoise, where he will oversee the Service Management Department. This announcement was made on December 19, 2024.
AUD/USD, EUR/USD, and GBP/USD have sharply declined following hawkish comments from the Fed. AUD/USD has reached a 13-month low of $0.62, with support at $0.6171. EUR/USD has dropped to a November low, while GBP/USD slid to a three-week low of $1.2562, facing resistance at $1.2608 to $1.2617.
IG
UBS has maintained a "Neutral" rating for Pfizer, setting a target price of $31. The decision to terminate the lung cancer study with Sasanlimab is attributed to strategic reasons, though high dropout rates raise concerns, particularly regarding the ongoing phase III bladder cancer study.
UBS has maintained a "Neutral" rating for Philips Electronics, setting a price target of 26.50 euros ahead of the company's quarterly results due on February 11. Analyst Graham Doyle noted that while Philips is performing well in the final quarter of 2024, uncertainties regarding its business in China are expected to impact 2025.
UBS has maintained its "Buy" rating for Siemens, setting a price target of 200 euros ahead of the upcoming quarterly report in February. Analyst Andre Kukhnin anticipates that the results for the first fiscal quarter will support the outlook for profit stabilization.
UBS has increased its price target for Netflix from $825 to $1,040, maintaining a "Buy" rating. Analyst John Hodulik noted that Netflix is well-positioned to benefit from the ongoing structural changes in the media sector, leading to higher long-term estimates for operating profit and cash flow.
UBS has reduced its price target for Delivery Hero from 56 to 55 euros while maintaining a "Buy" rating. Analyst Jo Barnet-Lamb noted that the company's true value remains underestimated, especially compared to US competitor Doordash, which is valued over twice as high. Delivery Hero is still considered the top internet stock in Europe for the next year.
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