Munich Re downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Munich Re (MURGY) to Equal Weight from Overweight with a price target of EUR 523, down from EUR 527, as part of a broader research note on Reinsurance names in Europe. The company has deservedly been the best performer in the hard market due to its high quality underwriting, strategic growth and beats on earnings and capital return, but the market has also fully appreciated the quality of Munich Re, offering “limited room” for positive surprises, the analyst tells investors in a research note.