Citi sees increased risks for Scor, cuts to 'neutral'
** Citigroup cuts its rating on Scor SCOR.PA to "neutral" from "buy" saying the French reinsurer's "slowburn" upside potential is not enough to compensate for increased downside risks
** The risks could come in the form of unexpected P&C Re (property and casualty reinsurance) losses, additional adverse longevity trends, possible solvency model changes later in the year, or an arbitration case that is underway, Citi says
** The broker notes that while the company's valuation on 5.1x 2025 EPS and 2024 estimated dividend yield of 9.2% may seem supportive, it sees the upside potential rather limited given the risks
** Most of the risks are relatively new, it says, and outpoints that although shares have fallen by about one-third from recent highs, it struggles to see adequate risk/reward for the stock
** Out of 15 analysts covering Scor, nine rate it "strong buy" or "buy", five rate it "hold" and one rates it "sell"
Reporting by Elviira Luoma
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