Swiss Re downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Ivan Bokhmat downgraded Swiss Re (SSREY) to Underweight from Equal Weight with a price target of CHF 128, down from CHF 136. The firm says the consensus positioning around the large-cap European insurance sector proxies “leaves valuations relatively full at a time when the scope for earnings surprises is running out of steam. It finds Swiss Re’s valuation reflective of low Swiss interest rates, rather than fundamentals.