Australia's QBE Insurance set for best week in four months after Citi upgrade
BUZZ-Australia's QBE Insurance set for best week in four months after Citi upgrade ** Shares of Australia's QBE Insurance Group QBE.AX extend gains, rising 1.8% to A$24.805, their highest since August 5
** Up around 4.2% for the week, the stock is set for its best since early June
** Citi said in a note earlier this week the insurer's ability to deliver at least mid-single-digit volume-driven gross written premium (GWP) growth, while maintaining underwriting margins, differentiates it from domestic peers
** Brokerage upgraded stock to "Buy", raised target price by 10.3% to A$26.70
** Also noted QBE is already generating $1.5 billion of GWP and sees it potentially rise to US$2.5bn over the medium term
** Citi added its positive view of the stock, helped by greater earnings stability due to conservative reserving
** YTD, QBE up around 25%
(Reporting by Shruti Agarwal in Bengaluru)
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