JPMorgan Downgrades Generali to 'Neutral'

JPMorgan analysts lower their rating on Generali to "neutral"

Generali shares are falling in Milan on Wednesday after analysts at U.S. investment bank JPMorgan downgraded their recommendation on the Italian insurer to "neutral" from "overweight", with a price target of 17 euros per share.

Generali shares fell by 1.7% to €16.30 in morning trading on Wednesday

JPMorgan analysts said they were downgrading Generali due to "limited" potential upside for the stock and the likelihood of continued weakness in the eurozone economy, which is Generali's main market.

Analysts at JPMorgan said Generali's valuation is "fair" relative to its peers

The analysts said that Generali's valuation is "fair" relative to its peers, but that they see "limited" potential upside for the stock in the near term.