Morgan Stanley downgrades Tryg on muted upside ahead of December CMD

Tryg A/S

12/11/2024 09:33

** Morgan Stanley cuts Tryg  TRYG.CO  to "equal weight" from
"overweight", citing limited potential for upside surprises
ahead of the Danish insurer's Capital Markets Day on Dec. 4
    ** It notes Tryg stands out as a high-quality firm in the
oligopolistic Nordic insurance markets with a healthy balance
sheet and steady dividend yield
    ** But it adds the potential for further improvements is
"marginal", as Tryg's potential buyback plan is already captured
in the consensus along with possible developments for the Norway
Private and Sweden units
    ** Eleven out of 13 analysts rate Tryg "strong buy"/"buy",
with ​two at "hold" - LSEG
    ** Tryg's shares fall around 2% in morning trade

 (Reporting by Agnieszka Oleńska)
 ((Agnieszka.Olenska@thomsonreuters.com;))