Jefferies cuts target for Munich Re stock from EUR 600 to EUR 550

Munich Re (ISIN DE0008430026) stock was trading at EUR 505.50 at Lang & Schwarz on October 2, 2026 at 1:06 p.m. CEST, up 1.35 percent versus the EUR 498.75 prior close on October 1, 2026. The latest analyst move points to a tougher pricing environment: Jefferies cut its price target from EUR 600.00 to EUR 550.00 while keeping a Hold rating, according to FinanzNachrichten.de on September 25, 2026.

Jefferies flags pricing pressure

Jefferies analyst Philip Kett linked the target reduction to faster declines in reinsurance prices. The note still assumes Munich Re can reach its strategic goals, but it assigns greater weight to implementation risks and the cost of capital, as FinanzNachrichten.de reported on September 28, 2026.

The cut contrasts with Munich Re's strong first-half earnings. RiskNET reported net income of EUR 3.925 billion for the first half of 2026 and a Solvency II ratio of 304 percent on September 21, 2026.

Profit cushion meets softer rates

The earnings comparison is material: first-half net profit rose from EUR 3.178 billion in the same period of 2025 to EUR 3.925 billion in the first half of 2026, according to Stocks Today. That profit growth gives the company financial capacity while investors assess whether underwriting discipline can offset weaker renewal pricing.

RiskNET said Munich Re reduced property-casualty reinsurance business volume by 9.10 percent during the July renewals as risk-adjusted pricing fell 5.50 percent. The figures explain why the analyst debate centers on future margins rather than only on the latest profit result.

Stock sits 12.18 percent below high

At EUR 505.50, Munich Re stock stood 12.18 percent below its EUR 575.60 52-week high on October 2, 2026. The market capitalization was EUR 64.6 billion on the same date, leaving valuation sentiment closely tied to the balance between resilient earnings and softer reinsurance rates.

Munich Re's next quarterly results are scheduled for November 12, 2026, according to MarketScreener. That release should give investors a fresh test of earnings strength against the pricing cycle.

Next results set the test

Munich Re was trading at EUR 505.50 at Lang & Schwarz on October 2, 2026 at 1:06 p.m. CEST, plus 1.35 percent versus the EUR 498.75 prior close on October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of Munich Re stock.

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