QBE Insurance's quarterly update included a re-affirmation of FY24 guidance and Morgans has added 1% to its forecasts. In line with a global re-rating for general insurers, the broker has lifted its target to $20 from $17.96.

The insurer is on track for 30% growth in EPS this year and against this background the shares are considered undervalued. 

The quarterly update itself has been labeled "solid enough". Morgans suggests the insurer enjoys multiple tailwinds that will drive improved performance over the next few years. Add.

Sector: Insurance.

Target price is $20.00.Current Price is $17.67. Difference: $2.33 - (brackets indicate current price is over target). If QBE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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