Insurance Australia Group's FY22 trading update is positive and management reiterates FY22 guidance but warns of higher risks.

Morgans downgrades earnings less than 1% and shaves 1c from the target price ($5.64 from $5.65).

Add rating retained, the broker admiring the undemanding price-earnings multiple.

Sector: Insurance.

Target price is $5.65.Current Price is $5.11. Difference: $0.54 - (brackets indicate current price is over target). If IAG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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