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JPMorgan downgrades Swiss Re on valuation, softening market

JPMorgan last night downgraded Swiss Re (SSREY) to Neutral from Overweight with a price target of CHF 160, down from CHF 170. The reinsurance market is set to soften into 2026, the analyst tells investors in a research note. The firm believes price softening will continue for the second year in a row. It cites relative valuation for the downgrade of Swiss Re.

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