Hannover Re downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Hannover Re (HVRRY) to Sector Perform from Outperform with a EUR 275 price target The firm has increased confidence that Hannover can maintain current margins for longer than peers, but noted that this is reflected in “a material valuation premium that may widen in a downturn but is unlikely to generate material absolute performance from current multiples.”