Street View: Analysts trim PT on Australia's QBE Insurance after weak outlook
** Australia's QBE Insurance QBE.AX last week lowered its FY24 gross written premiums growth (GWP) view to ~3% from mid-single digit
** QBE in mid-June announced closure of its North America middle-market segment, impacting its GWP growth
** Shares extend losses, down 0.9% to A$15.910, hovering around their lowest since mid-February
** At least 2 brokerages cut PT, earnings view citing middle-market exit costs, change to reporting framework, among others
BROKERAGES LOWER PT, EARNINGS VIEW
** Citi (cuts PT to A$19.30 from A$20.00, retains "buy"), lowers EPS view for fiscals 2024-26
** Citi adds "underlying trends remain solid while the pathway to fixing the problem of North American business looks a little clearer"
** Jefferies (cuts PT to A$19.35 from A$19.95, retains "buy"), cuts FY24 adjusted NPAT view by 11%, and up to 2.2% for fiscals 2025-26
** Morgan Stanley (cuts PT to A$19.30 from A$19.85, retains "overweight") trims EPS view by ~3-4% for FY24-26
** LSEG analysts: 10 of 13 rate QBE "Buy" or higher, and three "Hold"; median PT is A$19.33
Reporting by Sameer Manekar in Bengaluru
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