Munich Re Stock Recovers 2.2% as Analysts Split on Valuation Ahead of Q3 Report
Published on 11/11/2026 at 04:51 | Editorial boerse-global.de
Munich Re shares closed at €579.00 on Tuesday, gaining 2.2% as part of a broad recovery across the German equity market. The move came just days after JPMorgan downgraded the reinsurer from "Overweight" to "Neutral," keeping its price target unchanged at €590.
The downgrade, announced Friday, was driven by analyst Kamran Hossain's expectation of pricing pressure in the 2027 renewal round. Hossain also argued that reinsurers are now less attractive relative to primary insurers following the stock's strong rally, viewing the valuation as fair and further return prospects as diminished. According to dpa-AFX, the downgrade weighed on Munich Re and other reinsurers on Friday.
Metzler Takes the Opposite View
Not every analyst shares JPMorgan's caution. On November 4, Bankhaus Metzler reaffirmed its "Buy" rating and raised its price target from €600 to €643 — a notably more bullish stance than JPMorgan's €590.
Should investors sell immediately? Or is it worth buying MĂĽnchener RĂĽck?
The divergence sets up an unusual split heading into the company's third-quarter results, which are scheduled for release on November 12. Those final Q3 2026 figures will follow Munich Re's recent upgrade to its full-year net profit guidance, which was lifted from €6.3 billion to €6.6 billion.
Buyback Continues
Separately, Munich Re reported the acquisition of 115,000 of its own shares on Monday, purchased between October 30 and the close of Monday's session. Since the buyback program began on May 14, the company has repurchased approximately 3.3 million shares in total.
On the executive front, Munich Re announced on October 21 that board member Clarisse Kopff would depart at the end of October. Her position will not be filled permanently; Thomas Blunck will take on her responsibilities in addition to his existing duties.
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