SCOR Shares Jump 3.23% After Target Price Increase to 37.90 Euros
SCOR SE shares saw significant gains this Tuesday midday, rising by 3.23% to 31.36 euros. The French reinsurer benefits from a target price increase by Berenberg, amid a supportive environment for the CAC 40, which is up by 0.59% during the session.
Investment Bank Berenberg Raises Target Price for SCOR SE
On March 17, investment bank Berenberg raised its target price for SCOR SE from 35.00 to 37.90 euros, while reiterating its buy recommendation. Compared to the current price of 31.36 euros, this new target suggests a potential revaluation of over 20%. This positive signal accompanies an already favorable momentum for the reinsurer's stock. SCOR SE has shown a rise of 6.38% over the past seven days and 13.21% over three months. Over one year, the performance has reached 18.07%, indicating a sustained recovery movement. In the same financial sector, AXA is up 1.22% and BNP Paribas has advanced 1.52% during the session, confirming a generally positive trend in the segment.
Technical Analysis Highlights Key Session
Today's session is particularly significant from a technical perspective. The price of 31.36 euros is very close to the identified resistance at 31.60 euros. A confirmed breach of this level could potentially open the way for a new phase of increase, while a retreat could indicate a temporary plateau. The stock is now trading well above its 50-day and 200-day moving averages, which are positioned at 28.72 and 28.51 euros respectively, indicating an established upward trend on intermediate and long horizons. The RSI, at 56, remains in a neutral zone without overbought excess, theoretically leaving room for further growth. It is noteworthy that the price has crossed the upper Bollinger band at 30.80 euros, a signal that indicates a rapid acceleration of the dynamic and should be monitored in the upcoming sessions. The general assembly of SCOR is scheduled for April 28, followed by the release of the first quarter results on May 6, both of which could provide new catalysts for the stock.
