Berenberg announced on Wednesday that it had raised its target price for Scor shares from 34 to 35 euros, ahead of the French insurer's 3rd-quarter results to be published on November 10.

In a research note, the research firm - which is maintaining its buy recommendation on the stock - says it expects a "solid" publication, which should put the group in a good position to achieve its annual targets.

While pointing out that the stock has surged by 28.5% this year and by some 100% over the past 12 months, the firm says it continues to see upside potential on the basis of its current valuation multiples.

In its view, the good quarter-on-quarter performance of the business, the achievement of the objectives of the 2024-2026 strategic plan and a possible return to dividend growth should encourage further share price appreciation.

For 2023, its net profit forecast for the Group has thus been raised by 5.4% to 860 million euros.

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