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Zurich Financial cut to neutral by Goldman Sachs

LONDON (MarketWatch) — Goldman Sachs lowered insurer Zurich Financial to neutral from buy, citing a “stretched” valuation following a 16% outperformance to European rivals since it had upgraded the insurer to buy in late November. “As for most stocks in the sector, we see ZFS as undervalued from a fundamental standpoint, as we believe markets are discounting overly bearish scenarios in terms of capital positions across the sector. However, having outperformed most large-cap peers by more than the relative risk within balance sheets would suggest, we now see ZFS as more fully valued in a relative context and see better value opportunities elsewhere in the sector for the time being,” the broker said.
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Original post by Forextvblog

This entry was posted on Monday, February 18th, 2008 at 4:34 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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