MARKETS SPECTATOR: QBE coup

Deutsche Bank has upgraded QBE to buy and despite potential for some short-term volatility, the insurer's recent earnings represent a turning point for the stock.

Deutsche Bank has moved to upgrade QBE Insurance Group to buy from hold, with a target price of $14.00 as it sees considerable medium-term value in the stock.

The broker notes that while QBE's insurance profits were in line with its downgraded guidance, its full-year result will nevertheless prove to be a turning point for the insurer.

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