QBE is often bought as market protection against rising interest rates & $US with both tailwinds very much in been in play through 2022. The stock feels a little tired at the moment, as does the whole market, but we see no reason to doubt our medium term target of +$13 which implies the double headed macro tailwind will remain this year, even if it has a rest as official rates finally start to rise.
MM is looking for a pop by QBE above $13
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