QBE has rallied +15% so far this year helped by a solid result delivered for Q1 illustrating the excellent turnaround and simplification that MM believes is unfolding across this business i.e. there are more levers involved with QBE than just interest rates. However, taking into account our view toward yields we aren’t advocating chasing strength even as the turnaround story gathers momentum.
- We aren’t interested in chasing QBE above $15 but another dip back towards $14 in our opinion will represent value.
MM is cautiously bullish QBE around $15
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