QBE downgraded to Hold

The relief rally in QBE’s share price means it’s now up 29% since the low of $10.08 following last year’s announcement of large write-offs in the US (see QBE upgraded to Buy – $12.00) and 12% since announcing its final result. With the share price breaching our Buy limit of $12.50 in the recommendation guide and up 7% since QBE: Annual result 2013 from 25 Feb 14 (Buy – $12.16) we’re downgrading to HOLD.  

Note 1: The model Growth and Income portfolios own shares in QBE Insurance.

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