Jefferies cuts Generali to 'hold', value fully priced in shares

Axa SA

30/09/2026 09:28

** Jefferies downgrades Generali GASI.MI to "hold" from "buy", after the Italian insurer's shares rallied to an all-time high, limiting the upside amid a sector re-rating
** Generali's shares rose 123% since the appointment of Deputy CEO Giulio Terzariol in January, the broker says, calling the run "unusually strong for a European Insurance Conglomerate"
** Amid a sudden and sustained re-rating for both Generali and German peer Allianz ALVG.DE, Jefferies points to France's AXA AXAF.PA as its preferred insurance stock, given it is trading at a material discount  
** Jefferies now sees a normalisation for 2027 earnings -prompting a PT increase of 33% to €38 ($43.11) per share, which however does not include a high enough total shareholder return for a "Buy" rating 
** Out of 18 analyst that cover Generali, four maintain a "buy" rating, nine keep a "hold" rating and five recommend to "sell" - LSEG Data  
     
     
($1 = 0.8814 euros)

(Reporting by Enrico Sciacovelli)
((Enrico.sciacovelli@thomsonreuters.com))