Barclays downgraded Zurich Insurance (ZURVY) to Equal Weight from Overweight with a price target of CHF 580, down from CHF 595. 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. The analyst views the U.S. dollar weakness and S899 uncertainty as “unhelpful headwinds” for Zurich.
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