QBE - Morgans rates the stock as Add
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QBE's result beat consensus by 24% but disappointment stemmed from a reduction in 2017 guidance to the bottom end of the previous range. QBE also downgraded in June due to a weak Emerging Markets business, which appears still to be the case, the broker suggests.
There were positives nevertheless, the broker suggests, mainly improvement in the combined operating ratio in both the US and A&NZ. The broker has cut earnings forecasts and its target to $12.55 from $13.09. Add retained.
Target price is $12.55.Current Price is $11.17. Difference: $1.38 - (brackets indicate current price is over target). If QBE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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