Oddo BHF has reiterated its 'outperform' rating on Scor and raised its target price from €28 to €30, after a 'very strong' first-quarter 2023 net income led it to raise its full-year net income forecast.

Even if the deviation from expectations stems largely from non-recurring items, the underlying dynamics remain favorable, and this result supports our forecast of a dividend of 1.8 euros for 2023", the analyst believes.

The research firm also points out that even after Friday's strong rebound, the reinsurer's stock is trading at low multiples, with an estimated share price of 6.1 times expected EPS for 2024.

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